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Elsewedy gears up for industrial expansion in New 6 October City, eyes Gulf & beyond

From New October to the Gulf, Elsewedy Electric plots a course for growth

What:

Elsewedy Electric, the Egyptian multinational electrical EGX-listed company is closer to commencing one of its ambitious ventures, Industrial October, within New 6 October City. CEO Ahmed El Sewedy disclosed plans to initiate construction shortly, banking on the imminent acquisition of a 2.5 million sqm plot from the New Urban Communities Authority.

Some Context:

Earlier in January 2023, Elsewedy unveiled ambitions to erect a 5-million-sqm industrial zone. This ambitious project, set near the 6 October dry port and connected by rail to Alexandria, aims to attract EGP 20 billion in investments, generate 150,000 job opportunities, and contribute an additional EGP 5 billion to Egypt’s annual GDP upon fruition.

On the Local Front:

Plans are ongoing to launch more factories across Egypt, enhancing its expertise in cables and power transformers manufacturing amidst logistical challenges caused by disruptions in the Red Sea.

Now What:

Elsewedy Electric is strategizing expansions across the Gulf, particularly in Saudi Arabia and Qatar, responding to the surging demand for infrastructure skillfulness. The firm’s Saudi operations are slated for an upgrade by the end of 2024. Furthermore, El Sewedy is charting a new trajectory into Latin America, aiming to make its mark within the infrastructure, electricity, renewable energy, and gas sectors within the year.