Elsewedy Electric, a leading multinational cable and electrical equipment manufacturer majority owned by the Egyptian billionaire El-Sewedy family, has inked a groundbreaking $300-million agreement with MAFI for Agricultural Produce Industries to construct a state-of-the-art agricultural food complex.
The deal was finalized at a ceremony attended by key executives from both entities. Under the terms of the deal, Elsewedy Industrial Development, a subsidiary of Elsewedy Electric, secures 154,000 square meters of industrial land in Industria Sadat City, located in the Monufia Governorate, Egypt — this is integral to the establishment of the $300-million agricultural food complex, marking a significant collaboration between the two entities.
The agreement was officially signed by Ahmed Elsewedy, president and CEO of El-Sewedy Electric and chairman of Elsewedy Industrial Development, and Ahmed Abou Hashima, founder and chairman of MAFI. Notable attendees included Mohamed Al-Kammah, CEO of Elsewedy Industrial Development, and Sherif Tantawy, CEO of MAFI for Agricultural Produce Industries, underscoring the importance of this partnership.
Industrial complex aims for 80-percent export, says CEO Ahmed El-Sewedy
Elsewedy commended the project for its substantial contribution to the Egyptian economy. Emphasizing its significance, he highlighted that the complex, touted as the largest and most diverse in the Middle East, is set to export 80 percent of its products. The CEO also underscored the global competitiveness of the Egyptian industry.
Hashima, the chairman of MAFI, expressed optimism about the project’s role in supporting the Egyptian economy by adding value to local agricultural resources through advanced manufacturing. He conveyed pleasure in collaborating with Elsewedy Industrial Development and affirmed that the complex would leverage state-of-the-art technology in the agricultural food sector in partnership with top companies.
Elsewedy Electric’s legacy unveiled: A pioneering journey since 1938
Established in 1938 by the El-Sewedy family, Elsewedy Electric has been pivotal 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 owned by Ahmed El-Sewedy and his siblings, the group continues to thrive under the Egyptian billionaire El-Sewedy family.
This latest venture with MAFI for Agricultural Produce Industries comes shortly after Elsewedy Electric announced plans to launch a multimillion-dollar industrial city project in Tanzania through Elsewedy Industrial Development.
The move is part of an initiative to broaden its operations, and it follows a $40-million investment in a Tanzanian electrical tools factory in 2021. The industrial city, situated in Kibaha, Tanzania, is expected to attract investments exceeding $400 million from regional investors, housing 200 factories focusing on key industries for Tanzania.
