Egyptian tycoon Ahmed El Sewedy’s electric firm signs deal to operate high-speed network projects in Egypt
El Sewedy Electric, an Egyptian multimillionaire businessman Ahmed El Sewedy-led multinational cable and electrical products manufacturer, has signed a term sheet with Egypt’s National Authority for Tunnels (NAT) to operate and maintain high-speed network projects in Egypt.
The term sheet was signed in the presence of Elsewedy Electric President and CEO Ahmed Elsewedy, Egypt’s Transport Minister Kamel El-Wazir, NAT Chairman Sherif Lail, and DB ECO Group CEO Niko Warbanoff.
According to the terms of the agreement signed on Aug. 15, the Egyptian electrical products manufacturer will collaborate with Germany’s Deutsche Bahn International Operation (DB IO) for the project’s operation and maintenance.
DB IO, a subsidiary of Deutsche Bahn, one of the world’s largest transportation companies, acquires and manages railway operations and maintenance projects outside of Europe.
Three lines will be built as part of the high-speed network project: a 660-kilometer green line connecting Ain Sokhna, El Alamien, and Marsa Matrouh; a 1,100-kilometer blue line connecting Greater Cairo with Abu Simbel; and a 225-kilometer red line connecting Luxor with Hurghada and Safaga Harbor.
El Sewedy Electric has recently been involved in a number of construction and development projects in Egypt and throughout the Middle East and North Africa, due largely to its industry reach and technical expertise demonstrated in previous projects.
Nearly three months ago, the electrical product manufacturer launched Africa’s first busway dielectric epoxy insulation system facility to prefabricate electrical distribution using bus bars in a protective enclosure.
In June, it received a $150-million loan from the International Finance Corporation, a sister organization of the World Bank and a member of the World Bank Group, as part of its efforts to expand its operations and assist its customers in addressing the transition to a low-carbon economy through renewable projects and energy-efficient products.
El Sewedy said the loan facility will help the company expand and modernize its operations as it continues to boost access to renewable energy in several African countries in line with the IFC’s strategy.