Elsewedy Electric, led by Egyptian billionaire Ahmed Elsewedy, has won a $2.2 billion contract in a consortium with China’s Sinohydro to expand the Rabigh 2 Independent Power Plant in Saudi Arabia. The project involves building a natural gas-fired facility with combined-cycle technology, set to add 2.3 gigawatts of capacity to the Saudi national grid by May 2029. The consortium will manage the end-to-end engineering, procurement, and construction of the plant, which has already surpassed 39% completion. This development aligns with Saudi Arabia’s Vision 2030 strategy to boost electricity infrastructure and diversify its energy mix.