Elsewedy Electric Signs USD 500M Deal for Submarine Cable Factory in Damietta

Elsewedy Electric Signs USD 500M Deal for Submarine Cable Factory in Damietta, according to Waya.

Elsewedy Electric has signed a Memorandum of Understanding (MoU) to build a USD 500 million submarine cable factory in the Damietta Industrial Zone. The factory, covering 500,000 square meters, will include a towering 180-meter-high structure dedicated to cable manufacturing.

Lieutenant General Eng. Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, oversaw the MoU signing. The agreement was struck between Egypt’s Holding Company for Maritime and Land Transport and Elsewedy Electric. This new facility will be part of a broader 6 million square meter industrial and logistics zone at Damietta Port, aimed at enhancing Egypt's industrial capacity.

The project, led by Elsewedy Industrial Development, will involve planning an industrial city, developing infrastructure, and installing utilities. The initiative will focus on attracting investments across various sectors including food, automotive, engineering, and petrochemicals.

The factory, positioned as the first of its kind in the Middle East and the sixth globally, will specialize in the production of submarine cables intended for intercontinental connections, bolstering Egypt’s role as a pivotal player in advanced industries.

The new facility will be designed with a 180-meter tower for submarine cable manufacturing, which will enhance the production efficiency and quality. Furthermore, it will operate primarily as an export hub, with all of its output destined for international markets, reinforcing Egypt’s economic strength.

The significance of this development, as stated by the Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, lies in the essential role of submarine cables in global connectivity, crucial for sectors like renewable energy and oil and gas. This factory will enable Egypt to offer sophisticated solutions to support these industries globally.

Engineer Ahmed Elsewedy, CEO and Managing Director of Elsewedy Electric, emphasized that the project is aligned with Egypt’s Vision 2030. It aims to foster a competitive environment for industries such as renewable energy, automotive, petrochemicals, and advanced engineering, enhancing economic diversification, boosting exports, and opening up new investment opportunities.