Elsewedy to break ground on its New October industrial park within weeks + ramp up Gulf expansions

Elsewedy inches closer to building its industrial park in New October: Elsewedy Industrial Development is expected to break ground on its industrial zone — dubbed Industria October — in New 6 October City upon receiving a 2.5 mn-sqm plot from the New Urban Communities Authority within two to three weeks, Elsewedy Electric CEO Ahmed El Sewedy said during an event attended by Enterprise.

ICYMI- The company said in January2023 it was in talks with the government to build a 5-mn-sqm industrial zone in a bid to attract EGP 20 bn-worth of investments, create 150k jobs, and add EGP 5 bn to the country’s annual GDP once complete. The zone will be located near the 6 October dry port and linked by railway to Alexandria port.

Expansion overseas: The company is looking to expand its footprint across the Gulf, namely in Saudi Arabia and Qatar, where there is high demand for infrastructure projects, El Sewedy said. Elsewedy Electric plans to wrap up its expansion of its Saudi factory by late 2024. The company also wants to step into Latin America this year, with a focus on infrastructure, electricity, renewable energy, and gas sectors.

On the local front: Elsewedy Electric plans to set up more factories in Egypt, especially cables and power transformers facilities.

Disruptions due to Red Sea attacks are constraining the company’s cable and power transformers imports, affecting shipping costs and delaying delivery dates, El Sewedy said.

ALSO- Tanzanian dam will be inaugurated this month: El Sewedy said that Tanzanian and Egyptian officials will inaugurate Tanzania's Julius Nyerere Dam — a joint project between El Sewedy Electric and the Arab Contractors — on 21 April.