Elsewedy Electric lines up another big-ticket project abroad: Elsewedy Electric is teaming up with Siemens to develop a USD 800 mn power plant in the Red Sea city of Rabigh in Saudi Arabia, an official Elsewedy reportedly told Al Arabiya.

The timeline: The project, which will include both steam and gas turbines, is reportedly in the construction phase and expected to be fully completed by the end of 2026.

Elsewedy has other projects abroad in the works: The company expects to finish expansions of one of its Saudi factories in January 2025, the Elsewedy source said, adding that the company is looking to expand its footprint abroad, particularly via investments in the GCC states. The company is also hoping to expand its volume of exports to the rest of Africa and Europe in the coming period.

And on the domestic front: Elsewedy is currently working on developing its new industrialzone on the around two million square meters allotted to it in New Sixth of October City in May, which the source told Al Arabiya could take up to three years to complete.

Other prominent local companies are also heading to the kingdom in search of new projects: Egyptian construction and real estate players in particular are ramping up efforts to expand abroad as domestic opportunities shrink, industry insiders recently told Enterprise. While local developers are looking almost everywhere, there seems to be a particular appetite for Saudi Arabia on the back of its large, well-regulated, and welcoming market, developers and contractors told us.

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