Electric firm owned by Egyptian billionaire El-Sewedy family lands $1 billion deal with Saudi Electric

Feyisayo Ajayi -
Key Points
  • Elsewedy Electric secures a $1 billion partnership with Saudi Electricity Company to boost energy infrastructure in Saudi Arabia’s Vision 2030 initiative.
  • The project involves constructing a 1,200 MW power station in Rabigh, collaborating with Siemens Energy for combined cycle system technology.
  • Led by Ahmed El-Sewedy, Elsewedy Electric strengthens its Gulf presence, aligning with Saudi Arabia's modernization and energy diversification goals.

Elsewedy Electric, a multinational cable and electrical equipment manufacturer led by Egypt’s El-Sewedy family, has secured a $1 billion partnership with Saudi Electricity Company (SEC) to advance energy infrastructure in the Middle East.

This significant milestone cements the family-owned company's role as a key player in the region’s energy sector.

The project, awarded to Elsewedy Electric, involves a collaboration with SEC and German-based Siemens Energy to construct a power generation station using a combined cycle system in Rabigh, Saudi Arabia.

The facility will have a total capacity of 1,200 megawatts (MW) and is a vital component of Saudi Arabia’s Vision 2030 initiative aimed at diversifying its energy sources and reducing reliance on oil.

Elsewedy Electric expands presence in the Gulf region

As one of the largest integrated energy solutions providers in the Middle East and Africa, Elsewedy Electric continues to enhance its footprint through its expertise in energy distribution, smart grid technologies, and renewable energy solutions.

The collaboration with SEC aligns with Saudi Arabia’s ambitious goals to modernize its energy infrastructure while promoting economic growth in the region.

Egypt, Saudi Arabia deepen energy cooperation

Founded in 1938, Elsewedy Electric remains under the control of the El-Sewedy family, which holds a 68.1-percent stake. Led by Ahmed El-Sewedy, the family has built the company into a dominant force in the electrical equipment manufacturing industry, contributing to major energy projects across the Middle East and North Africa.

This deal signifies the growing cooperation between Egypt and Saudi Arabia, further solidifying economic ties between the two nations. For Elsewedy Electric, this partnership marks another step toward consolidating its reputation as a trusted player in large-scale energy ventures.