The Egyptian government has received a request from El Sewedy Electric, a multinational cable and electrical equipment manufacturer led by Egyptian businessman Ahmed El-Sewedy, to build a new industrial zone in the country’s New 6th of October City.
The industrial zone, which will be located near the dry port presently being constructed in the city, will cover 5 million square meters and become one of the largest in Egypt.
The project will be implemented in three phases and is expected to add around EGP5 billion ($184 million) per year to the country’s GDP, attracting foreign and local investment worth EGP20 billion ($735.4 million).
It will offer employment to more than 150,000 people across various industries and include the construction and development of over 400 plants and about 100 logistical and commercial buildings.
During a meeting on the project, Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar spoke about the possibility of setting a timeline for the development of the zone. The required plots of land for the project will be allocated in two phases, according to El-Gazzar.
Ahmed El-Sewedy, a leading Egyptian businessman who is the CEO and managing director of Elsewedy Electric, stated that the industrial zone will feature the Elsewedy Academy for Training, an administrative and service area, a commercial area, an industrial area, a warehouse area, a Central Park, and a logistics area.
El Sewedy Electric, founded in 1938 by the El Sewedy family, has expanded its portfolio to cover traditional and renewable energy sources as well as related services under the leadership of Ahmed El-Sewedy.
The billionaire El-Sewedy family, represented by Sadek, Ahmed, and Mohammed El-Sewedy, owns 68 percent of the corporation, a stake worth more than $550 million at the time of writing.
Nearly two months ago, El Sewedy Electric announced plans to establish a new subsidiary in Saudi Arabia as the company continues to diversify its operations across the region.
The move will create opportunities for investors and other stakeholders in both countries and strengthen El Sewedy Electric’s participation in the manufacturing and energy sectors, aligning with efforts to deepen Egypt-Saudi Arabia trade relations.
