Key Factors
- Elsewedy Electrical indicators a take care of GTEZ to develop a world-class industrial and logistics hub in Higher Egypt, boosting exports and international funding.
- Safaga Industrial Zone mission to host mining, manufacturing, and meals industries, creating hundreds of jobs and enhancing Egypt’s provide chain effectivity.
- Strategic Imaginative and prescient 2030 initiative positions Higher Egypt as a regional commerce hub, leveraging proximity to Safaga Port for Africa, Europe, and Center East markets.
Elsewedy Electrical, the Cairo-based multinational cable and electrical gear producer led by Egypt’s El-Sewedy household, has signed an settlement with the Golden Triangle Financial Zone (GTEZ) to develop a serious industrial and logistics hub in Higher Egypt.
Underneath the memorandum of understanding, signed by Elsewedy Electrical CEO Ahmed El Sewedy and GTEZ Chairperson Mohamed Abady, the 2 sides will arrange a joint-stock firm to handle the Safaga Industrial Zone within the Crimson Sea Governorate. The zone shall be constructed to worldwide requirements and host a variety of industries, together with mining, engineering, chemical substances, manufacturing, and meals manufacturing.
The mission is anticipated to draw each native and worldwide traders, create hundreds of jobs, and strengthen Higher Egypt’s contribution to the nation’s industrial output. The brand new joint firm could have full rights to construct, function, and handle the positioning, with plans to include trendy know-how and sustainable practices from the bottom up.
Boosting infrastructure and export potential
The mission follows earlier agreements, together with TAQA Arabia’s partnership with GTEZ to increase vitality, water, and fuel networks for the zone. Infrastructure upgrades will characteristic renewable and standard vitality grids, trendy drainage techniques, and water services for each industrial and agricultural use.
Abady referred to as the enterprise a “strategic nationwide initiative” to unlock Egypt’s assets, improve logistics, and enhance export capabilities to Africa, Europe, and the Center East. Proximity to Safaga Port will place the zone as a regional commerce hub, strengthening provide chain effectivity.
Ahmed El Sewedy stated the hub aligns with Elsewedy Electrical’s long-term imaginative and prescient of creating “sensible, investor-friendly industrial zones” that strengthen provide chains, enhance exports, and ship sustainable jobs.
A key pillar of Egypt’s imaginative and prescient 2030
Based in 1938, Elsewedy Electrical has grown from a family-owned cable producer into a world chief in vitality, digital, and infrastructure options throughout the Center East, Africa, and past. The company posted a 20.6 percent year-on-year income leap in H1 2024 to EGP 123.8 billion ($2.56 billion), pushed by its wires, cables, and engineering segments.
In Might, Elsewedy Electric signed a $274.7 million Qatar deal to provide and set up 132kV energy cables, advancing Kahramaa’s grid and Qatar’s infrastructure objectives. Elsewedy Electrical additionally lately secured a high-profile win by way of its buying and selling arm, Elsewedy Machinery, partnering with Hitachi on the HVAC techniques for Egypt’s 660-kilometer high-speed rail community, additional increasing its infrastructure footprint.
Launched in 2017 by presidential decree, the Golden Triangle Financial Zone is central to Egypt’s Imaginative and prescient 2030 plan to drive progress in southern Higher Egypt through public-private partnerships. Elsewedy Electrical’s involvement is anticipated to speed up the zone’s transformation into a serious industrial progress engine.
