Germany's Siemens in $10.5B deal to generate power in Egypt

 Germany's Siemens in $10.5B deal to generate power in Egypt

SHARM EL-SHEIKH, Egypt (AP) - German industrial giant Siemens AG  (NYSE:SI) has signed a $10.5 billion (10 billion euro) deal with Egypt to build power plants that will boost the country's electricity generation capacity by up to a third.

CEO Joe Kaeser told The Associated Press that the memorandums of understanding were signed Saturday at a conference in the Red Sea resort of Sharm el-Sheikh after negotiations with President Abdel-Fattah el-Sissi.

He said the first part of the deal involved a new 4.4-gigawatt power plant in southern Egypt. Another project will generate 2 gigawatts of wind power and build a rotor blade factory worth about $4.6 billion (4.4 billion euro).

Egypt, the Arab world's most populous country, faces a power shortage causing rolling blackouts that affect tens of millions of people.

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