Al-Babtain Power & Telecom Secures Major EETC Tenders Amid Currency Challenges
Al-Babtain Power & Telecom has captured 75% of EETC's supply and won tenders totaling EGP 307 million. The company is also expanding its investment footprint in Egypt despite ongoing foreign currency constraints.
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Al-Babtain Power & Telecom has secured EGP 307 million in recent tenders from the Egyptian Electricity Transmission Co (EETC), which constitutes 75% of EETC's supply. The company holds investments worth EGP 250 million in Egypt, with 80% of its sales directed towards exports.
However, challenges persist as local banks are unable to provide the necessary foreign currencies for raw materials, affecting production capabilities. To address market needs, the company plans to manufacture portable air conditioners locally.
Additionally, the factory in 6th of October city has been expanded to enhance production capacity. The ongoing dollar crisis significantly impacts the firm, with a shift to 80% local market reliance, compared to 20% previously. The company may resort to the black market for dollars if necessary, but it has avoided this route due to associated risks.
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