Arab Finance: Korra Energi has secured an integrated turnkey contract worth an initial €15.43 million to carry out integrated construction works for Yazaki Egypt Electrical Systems (Yazaki EDS Egypt), Japan-based YAZAKI Group's first electrical systems factory in Egypt, as per a press release.

The factory is located in the Manshaat Kamal area of Fayoum Governorate and will cover approximately 67,000 square meters. The facility will manufacture automotive wiring harnesses and other electrical systems.

Under the contract, Cairo-based energy and engineering solutions provider Korra Energi will undertake the factory’s civil, architectural, and mechanical, electrical, and plumbing (MEP) works.

The project also encompasses the construction of production and manufacturing facilities, administrative and service buildings, external infrastructure, utility networks, and supporting civil works. The scope is intended to prepare the facility in line with its targeted technical and operational standards.

The project is expected to support the localization of automotive component manufacturing, strengthen local supply chains, attract foreign investment, and contribute to industrial development and job creation in Upper Egypt.

Korra Energi CEO Ayman Korra said securing the contract reflects confidence in the company’s engineering and execution capabilities, as well as its experience in delivering integrated industrial projects.

The contract’s euro-denominated value will provide Korra Energi with foreign-currency cash flows, enhancing its financial flexibility and supporting its expansion plans, he noted.

Alongside the new contract, Korra Energi’s board of directors approved a proposal to increase the company’s capital by EGP 405 million. The move is intended to strengthen its financial base and support its next phase of expansion.