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Orascom Construction, controlled by Egypt’s billionaire Sawiris family, began trading on Abu Dhabi’s ADX, shifting its primary listing from Nasdaq Dubai to boost growth.
Elsewedy Electric posts $2.68 billion half-year revenue, up 20.6% y-o-y, driven by strong performance across wires, cables, and construction segments.
This recent downturn has erased the gains made between April 9 and May 4, when their holdings surged by $23.48 million during a brief market rally.
The deal is set to strengthen Elsewedy Electric’s energy solutions portfolio and open up new opportunities in fast-growing markets.
This turnaround comes after a strong rally in the company’s shares in recent weeks.
The project, the first of its kind in Greece, signals a pivotal moment in Elsewedy Electric’s aggressive expansion strategy within the renewable energy sector.
The El-Sewedy family leads a diverse portfolio of energy, electrical, and infrastructure companies across the Middle East and Africa.
The Khamis family, one of Egypt’s wealthiest, holds a majority stake in Oriental Weavers, a leading carpet manufacturer with a global presence.
Founded in 1938 by the El-Sewedy family, Elsewedy Electric has become a major force in the electrical equipment manufacturing sector.
This increase is fueled by heightened investor interest in the Cairo-based company on the Egyptian Exchange.
This latest venture with MAFI comes shortly after Elsewedy Electric announced plans to launch a multimillion-dollar industrial city project in Tanzania.
The Khamis family, Egyptian multimillionaires, holds a majority stake of 56.58 percent in the company, which distributes its products in Oriental Weavers.
El Sewedy Electric specializes in the production of electrical equipment and cables.