Elsewedy Electric secures USD 2.2 billion deal: meaning for Elsewedy Electric stock

Published on 10/14/2026 at 01:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Rabigh 2 covers a 2.3 GW plant targeting May 2029 operations. For Elsewedy Electric stock, work exceeds 39.00 percent complete.

Power contract and reporting date

Elsewedy Electric's joint venture signed the USD 2.2 billion Rabigh 2 contract on October 13, 2026.
The project covers a 2.3 GW facility, with commercial operation targeted for May 2029.
Elsewedy Electric is scheduled to report its next results on November 16, 2026.

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Elsewedy Electric (ISIN EGS3G0Z1C014) has secured a USD 2.2 billion engineering, procurement and construction contract for the Rabigh 2 power project in Saudi Arabia. Gulf Daily News reported on October 13, 2026, that the joint venture with Sinohydro had signed the EPC agreement, formally moving the 2.3 GW facility into full-scale execution.

Rabigh 2 execution reaches 39 percent

The project covers design, procurement, construction, commissioning, grid connection and performance testing. The report said work had already reached more than 39.00 percent overall progress and exceeded five million safe man-hours by October 13, 2026.

Commercial operation is targeted for May 2029. That schedule gives the contract a long execution horizon, while the signed EPC scope places Elsewedy Electric inside the delivery chain for a large gas-fired combined-cycle plant.

What does the contract mean?

The financial scale matters because the contract value equals USD 2.2 billion, while the plant adds 2.3 GW of planned generation capacity. The combination links a large order figure with a clearly defined operating asset rather than a preliminary memorandum.

Elsewedy Electric is also pursuing a separate vehicle manufacturing project in Algeria. EnterpriseAM reported on October 13, 2026, that the company had submitted a feasibility study for an electric and hybrid vehicle assembly plant, with exports planned for 25.00 percent of output.

Next earnings date is November 16

Investing.com lists November 16, 2026, as Elsewedy Electric's next reporting date. The June 2026 quarterly entry on the same page shows earnings per share of EGP 2.05 and revenue of EGP 78.96 billion, giving the upcoming report a defined comparison base.

Infrastructure remains the operating base

Elsewedy Electric says it has operated across more than 100 countries and employs around 18,000 people. Its business lines include wires and cables, electrical products, engineering and construction, digital solutions, infrastructure investments and building solutions, according to the company's corporate page.