Elsewedy eyes stake in Egypt’s combined-cycle power plants, Naguib looking at other potential investments through Tharaa: Elsewedy Electric is looking into potentially competing to acquire a stake in the three combined-cycle power plants the company co-built with Siemens and Orascom Construction, CEO Ahmed El Sewedy tells Hapi Journal. El Sewedy did not clarify whether his company is eyeing the 70% stake six international investors are already bidding for, or if it would look into some other form of partnership with Egypt’s sovereign wealth fund, Tharaa. Actis, France’s Engie, China Datang Overseas Investment, Edra Holdings, and Blacstone’s Zarou are all competing for the plant stake. Electricity Ministry source had said last week that Zarou is the top contender to acquire the stake, having submitted the best financial offer.

Elsewedy is also looking at other potential investments Tharaa will be offering up, including in the gas sector. El Sewedy noted that the fund may not necessarily have sufficient expertise in the sectors it’s currently eyeing up, but said he expects the fund’s management to tap experienced investors and partners to plug the gaps.

Naguib Sawiris, meanwhile, is keeping an eye out on a chance to invest with Tharaa in Egypt’s mining sector, the Orascom Investment Holding Executive Chairman tells Hapi Journal. Naguib said he would want his gold investment ventures with Tharaa to be limited to providing financing, and would not be looking to acquire a management role in any mining companies or ventures through the fund. The business tycoon also signaled his readiness to bid for a chance to restructure and improve the performance of Egyptian companies in the industries he’s familiar with. Among the projects he’s currently eyeing outside the mining sector is the planned overhaul of the Mogamma’ in downtown Cairo, as well as tourism investments in the area around the Grand Egyptian Museum.

In other Tharaa news, our friends at EFG Hermes reportedly advised on the fund’s USD 20 bn investment platform with Abu Dhabi Development Holding Company, according to Reuters Arabic. Helmy, Hamza & Partners also acted as legal counsel to Tharaa, two government officials tell the newswire. Tharaa and ADDH had signed the agreement last week to set up the joint investment fund, which will invest using a variety of structures in manufacturing, traditional and renewable energy, and technology, among other sectors. EFG declined Enterprise’s request for comment.