Table of Contents
Key Points
- Elsewedy Electric signs a deal with GTEZ to develop a world-class industrial and logistics hub in Upper Egypt, boosting exports and foreign investment.
- Safaga Industrial Zone project to host mining, manufacturing, and food industries, creating thousands of jobs and enhancing Egypt’s supply chain efficiency.
- Strategic Vision 2030 initiative positions Upper Egypt as a regional trade hub, leveraging proximity to Safaga Port for Africa, Europe, and Middle East markets.
Elsewedy Electric, the Cairo-based multinational cable and electrical equipment manufacturer led by Egypt’s El-Sewedy family, has signed an agreement with the Golden Triangle Economic Zone (GTEZ) to develop a major industrial and logistics hub in Upper Egypt.
Under the memorandum of understanding, signed by Elsewedy Electric CEO Ahmed El Sewedy and GTEZ Chairperson Mohamed Abady, the two sides will set up a joint-stock company to manage the Safaga Industrial Zone in the Red Sea Governorate. The zone will be built to international standards and host a range of industries, including mining, engineering, chemicals, manufacturing, and food production.
The project is expected to attract both local and international investors, create thousands of jobs, and strengthen Upper Egypt’s contribution to the country’s industrial output. The new joint company will have full rights to build, operate, and manage the site, with plans to incorporate modern technology and sustainable practices from the ground up.
Boosting infrastructure and export potential
The project follows earlier agreements, including TAQA Arabia’s partnership with GTEZ to expand energy, water, and gas networks for the zone. Infrastructure upgrades will feature renewable and conventional energy grids, modern drainage systems, and water facilities for both industrial and agricultural use.
Abady called the venture a “strategic national initiative” to unlock Egypt’s resources, enhance logistics, and improve export capabilities to Africa, Europe, and the Middle East. Proximity to Safaga Port will position the zone as a regional trade hub, strengthening supply chain efficiency.
Ahmed El Sewedy said the hub aligns with Elsewedy Electric’s long-term vision of developing “smart, investor-friendly industrial zones” that strengthen supply chains, boost exports, and deliver sustainable jobs.
A key pillar of Egypt’s vision 2030
Founded in 1938, Elsewedy Electric has grown from a family-owned cable manufacturer into a global leader in energy, digital, and infrastructure solutions across the Middle East, Africa, and beyond. The company posted a 20.6 percent year-on-year revenue jump in H1 2024 to EGP 123.8 billion ($2.56 billion), driven by its wires, cables, and engineering segments.
In May, Elsewedy Electric signed a $274.7 million Qatar deal to supply and install 132kV power cables, advancing Kahramaa’s grid and Qatar’s infrastructure goals. Elsewedy Electric also recently secured a high-profile win through its trading arm, Elsewedy Machinery, partnering with Hitachi on the HVAC systems for Egypt’s 660-kilometer high-speed rail network, further expanding its infrastructure footprint.
Launched in 2017 by presidential decree, the Golden Triangle Economic Zone is central to Egypt’s Vision 2030 plan to drive growth in southern Upper Egypt via public-private partnerships. Elsewedy Electric’s involvement is expected to accelerate the zone’s transformation into a major industrial growth engine.
