Africa’s newest billionaires to launch multimillion-dollar industrial city in Tanzania
The Egyptian El-Sewedy family, Africa’s newest billionaires, are set to launch a multimillion-dollar industrial city project in Tanzania through one of their companies, Elsewedy Industrial Development, in a strategic move to broaden their investments.
This venture comes on the heels of Elsewedy Electric’s $40-million investment in a Tanzanian electrical tools factory in 2021.
The new industrial city, situated in Kibaha, one of nine administrative districts of Pwani region in Tanzania, is expected to attract investments exceeding $400 million from regional investors. The city will house 200 factories, focusing on strategic industries for Tanzania, including medicines, building materials, food and beverage, and engineering.
This initiative aims to create over 50,000 job opportunities, providing crucial support for Tanzania’s industrial development and its industrial development strategy for 2025.
One of the key features of the industrial city is the Elsewedy Academy for Technical Education and Vocational Training, committed to the highest international standards, in a strategic move to address the growing demand for skilled labor in various sectors.
What they are saying
Engineer Mohamed Al-Qammah, CEO of Elsewedy Industrial Development, announced that the construction of the first phase, covering 500,000 square meters, is expected to be completed within a year.
Expressing his aspirations, Al-Qammah highlighted the desire to collaborate with the Egyptian business community and leverage Egypt’s industrial capabilities to boost investment and trade between the two countries.
Ibrahim Qamar, Elsewedy East Africa regional director, emphasized Elsewedy Electric’s pioneering role in Tanzania since 2018. Notably, the company’s involvement includes the construction of the Julius Nyerere Hydropower Plant and Dam, the largest hydroelectric power station in Tanzanian history.
El-Sewedy family’s stake in Elsewedy Electric is worth over $1.4 billion
Founded in 1938, Elsewedy Electric has been a pivotal player in the electrical equipment manufacturing sector, contributing significantly to projects across the Middle East and North Africa.
With a majority stake of 68.1 percent jointly owned by Ahmed El-Sewedy and his siblings, Sadek and Mohammed, totaling 1,478,358,330 ordinary shares, the family’s joint stake in Elsewedy Electric now exceeds $1.4 billion.