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Egyptian firm Elsewedy Electric is investing USD 500 mn to build a subsea cable factory in Dameitta Port’s industrial zone, according to a statement. The factory — dubbed as the first of its kind in the region and only the sixth in the world — will span 500k sqm and include a 180 meter cable manufacturing tower.
Exports are the name of the game: All of the factory’s production will be earmarked for export. Elsewedy Electric’s cable-focused arm Elsewedy Cables ships 70-80% of its production abroad, generating over USD 1 bn in export revenues annually, General Manager Amr El Sawaf recently told EnterpriseAM. Its products reach over 100 countries, with European nations being its biggest market, followed by those in North America, Asia, and Africa.
If you didn’t know already, wires and cables make up the lion’s share of Elsewedy Electric’s revenues, with the segment making up 61% of its total revenues during the last quarter results were available for — 3Q 2024.
What Dameitta Port zone? Elsewedy Electric and the Transport Ministry’s Holding Company for Maritime and Land Transport signed an MoU to set up and operate a 6 mn sqm industrial and logistics zone that will be situated in the Dameitta Port. Under the agreement, the zone will be planned and built by Elsewedy Electric subsidiary Elsewedy Industrial Development in partnership with a newly-formed JV that will take over the management and operation of the zone.
The partners are already eyeing other industries to join the zone, including food manufacturing, automotive, and petrochemicals, which the statement says there is a demand for.
It won’t be Elsewedy’s first zone: Elsewedy Industrial Development was 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 back in April 2024. The zone is located near the 6 October dry port and linked by railway to Alexandria port.
** EnterpriseAM Egypt recently sat down with El Sawaf to explore the company’s journey, market leadership, and how it’s navigating an increasingly competitive global industry. Check out the interview here.
