Ahmed El-Sewedy-led Elsewedy Electric wins $176.10 million Saudi solar power contract
El Sewedy Electric, a multinational cable and electrical equipment manufacturer led by Egyptian businessman Ahmed El-Sewedy, has signed a new $176.10-million contract with Al Ghazala Energy Company in Saudi Arabia to build a 300-MW solar power station.
El-Sewedy Electric‘s 99.8-percent owned subsidiary, El Sewedy Electric for Transmission & Distribution, signed the new contract nearly two months after the group announced plans to establish a new subsidiary in Saudi Arabia as the leading group continues to diversify its operations across the region.
According to a recent stock exchange filing, the subsidiary will handle the entire scope of the project, including design, supply, and installation. The project will be completed turnkey, with a total execution time of 16.5 months and an additional 29 months for operations and maintenance.
Elsewedy Electric, founded in 1938 by the El-Sewedy family and led by Egyptian multimillionaire businessman Ahmed El-Sewedy, is a leading player in the electrical equipment manufacturing industry and has played a significant role in the development of electrical projects across the Middle East and North Africa.
The El-Sewedy family, represented by Sadek, Ahmed, and Mohammed El-Sewedy, owns a 68-percent stake in the group, which is worth EGP20.15 billion ($679.7 million) at the time of writing.
Recently, the Egypt-based multinational electrical company submitted a request to the Egyptian government to build a new industrial zone in the country’s New 6th of October City. The proposed industrial zone, spanning a massive 5 million square meters, has the potential to become one of Egypt’s largest and most significant developments.
As part of its efforts to strengthen Egypt-Saudi Arabia trade relations and expand its operations throughout the Middle East and North Africa region, the group announced nearly two months ago plans to establish a new firm in Saudi Arabia.
The new subsidiary, which will begin operations after receiving regulatory approval from the relevant authorities, will provide opportunities for investors and other stakeholders in both countries and strengthen Elsewedy Electric’s participation in the manufacturing and energy sectors.