Middle Eastern engineering firm, Saudi Consulting Services (SaudiConsult) has partnered with investment firms BPE Power and BPE Investments, to acquire a 40 percent stake in Egyptian power firm, Power Generation Engineering and Services Company (PGESCo).

The agreement will see SaudiConsult take up a 20 percent stake in the North African firm, which has completed power projects with over 19,000MW capacity across the country. The 20 percent left will be controlled by BPE Power and BPE Investments, both managed by Cairo-based Beltone Private Equity, Trade Arabia reported.

“This transaction marks our commitment to the power space in Egypt. It is a clear sign that Egypt remains an attractive investment destination and we remain committed to supporting the Egyptian economy,” said Omar Alshawaf, Executive Vice Chairman of SaudConsult.

PGESCo has over 11,000MW capacity of ongoing projects in the MENA region including Libya, Iraq and its home market, Egypt, but is keen on deepening its regional operations by leveraging on investment inflows from companies such as SaudiConsult.

“Strategic acquisitions of this type and our recent entry into the Iraqi market underscore the importance of our commitment to developing the electric power infrastructure in Egypt and the rest of the Middle East,” noted Hamdy El Shaer, chairman of PGESCo.