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Cairo-based Elsewedy Electric, the multinational cable and electrical equipment manufacturer led by the Egyptian billionaire El-Sewedy family, has secured a KWD18.7 million ($60.8 million) contract in Kuwait as it strengthens its footprint across the Middle East and North Africa.
Under the agreement with Kuwait’s Public Authority for Housing Welfare, Elsewedy Electric, through its subsidiary Egypt Cables Company, will handle the design, supply and installation of high-voltage electrical cables for the South Sabah Al-Ahmad Residential Project.
The development, one of Kuwait’s major national housing initiatives, aims to meet rising demand for urban housing and is expected to be operational within 24 months. The turnkey contract involves equipment and systems rated at around 400 kilovolts.
Elsewedy Electric expands, revenue hits $4.2 billion
Founded in 1938 Elsewedy Electric has grown from a local wire producer into a multinational energy and infrastructure supplier with operations in more than 50 countries. Under CEO Ahmed El-Sewedy and other members of the El-Sewedy family, the company has expanded into cables, electrical equipment and digital infrastructure solutions across MENA.
For the nine months ending Sept. 30, Elsewedy Electric reported an unaudited net profit of EGP14.13 billion ($298.5 million), down slightly from EGP14.35 billion ($303.2 million) a year earlier. Revenue rose 21 percent to EGP199.71 billion ($4.22 billion) from EGP164.82 billion ($3.48 billion), while net income fell 4.4 percent to EGP12.67 billion ($267.7 million), reducing basic earnings per share to EGP5.13 ($0.11) from EGP5.49 ($0.12).
Standalone net profit for the first nine months jumped to EGP 5.74 billion ($121.2 million) from EGP 973.73 million ($20.6 million) the previous year, reflecting stronger domestic performance. Elsewedy Electric said it expects full-year results to improve further with higher production at cable plants and stronger earnings from its infrastructure and digital operations.
Elsewedy Electric drives $500 million gulf expansion
Elsewedy Electric is currently moving to expand its presence in Saudi Arabia and Qatar, with planned investments totaling roughly $500 million. Ahmed El-Sewedy said $400 million (SAR 1.5 billion) will go toward building nine factories in Saudi Arabia, including a specialized cable plant and a copper rod facility in Yanbu. The Yanbu plant, in partnership with Alfanar, is expected to produce more than 130,000 tonnes of copper rods annually.
In addition, Elsewedy Electric participated in a $23 million Series A funding round for Nawah Scientific, an Egyptian life sciences company expanding across Africa, the Middle East, and Europe. The round, combining equity and debt, was led by Life Ventures Holding with contributions from Den Ventures, Empire M, AfricInvest, and Elsewedy Electric.
