Latest news with #AhmedElSewedy
Zawya
7 days ago
- Business
- Zawya
Egypt's Elsewedy Electric partners with GTEZ to develop new industrial hub in Golden Triangle
Egypt - The Golden Triangle Economic Zone (GTEZ) has signed a memorandum of understanding (MoU) with Elsewedy Electric, a leading energy solutions provider and industrial developer, to create a fully integrated, sustainable industrial and logistics hub in the Safaga Industrial Zone. This new development, part of Egypt's Golden Triangle Economic Zone in the Red Sea Governorate, aims to boost industrial growth and regional development in Upper Egypt. The MoU was signed by Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric, and Mohamed Abady, Chairperson of GTEZ. Under the agreement, the two entities will establish a joint-stock company to oversee the development of the industrial zone, which will meet international standards and host a range of industries, including mining, engineering, manufacturing, chemicals, food production, and more. The new industrial hub is expected to attract both local and foreign investments, create thousands of jobs, and significantly enhance Upper Egypt's contribution to Egypt's national industrial output. The GTEZ has granted the project company the rights to manage all stages of the project, from construction to operation, ensuring the use of advanced technologies and sustainable practices. In a related move earlier this year, TAQA Arabia signed a protocol with GTEZ to enhance the infrastructure of the industrial zone. This includes establishing energy networks, both conventional and renewable, as well as natural gas distribution, water services for industrial and agricultural needs, and advanced drainage systems. Mohamed Abady described the project as a strategic national initiative designed to optimize Egypt's resources, promote sustainable development, and prioritize investment in human capital. 'The Safaga Industrial Zone will serve as a modern industrial and logistics hub, strategically located near Safaga Port. Our collaboration with Elsewedy Electric is focused on providing state-of-the-art infrastructure, improving supply chain flexibility, and enhancing logistics capabilities to support exports to Africa, Europe, and the Middle East,' Abady added. For his part, Ahmed El Sewedy highlighted that this project is a natural extension of Elsewedy Electric's commitment to developing cutting-edge industrial infrastructure that aligns with Egypt's economic vision. 'Our goal is to strengthen Egypt's supply chains, increase exports, and foster balanced regional development. This partnership will create a smart, investor-friendly industrial zone that generates sustainable jobs for future generations,' El Sewedy stated. Since its establishment in 2017 by a presidential decree, the Golden Triangle Economic Zone has been a critical project under Egypt's Vision 2030, designed to drive economic growth in southern Upper Egypt through a public-private partnership (PPP) model. The new partnership with Elsewedy Electric will be a key driver in realizing this vision, making the Golden Triangle a key focal point for industrial advancement in the region.
Daily News Egypt
11-08-2025
- Business
- Daily News Egypt
Elsewedy Electric partners with GTEZ to develop new industrial hub in Golden Triangle
The Golden Triangle Economic Zone (GTEZ) has signed a memorandum of understanding (MoU) with Elsewedy Electric, a leading energy solutions provider and industrial developer, to create a fully integrated, sustainable industrial and logistics hub in the Safaga Industrial Zone. This new development, part of Egypt's Golden Triangle Economic Zone in the Red Sea Governorate, aims to boost industrial growth and regional development in Upper Egypt. The MoU was signed by Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric, and Mohamed Abady, Chairperson of GTEZ. Under the agreement, the two entities will establish a joint-stock company to oversee the development of the industrial zone, which will meet international standards and host a range of industries, including mining, engineering, manufacturing, chemicals, food production, and more. The new industrial hub is expected to attract both local and foreign investments, create thousands of jobs, and significantly enhance Upper Egypt's contribution to Egypt's national industrial output. The GTEZ has granted the project company the rights to manage all stages of the project, from construction to operation, ensuring the use of advanced technologies and sustainable practices. In a related move earlier this year, TAQA Arabia signed a protocol with GTEZ to enhance the infrastructure of the industrial zone. This includes establishing energy networks, both conventional and renewable, as well as natural gas distribution, water services for industrial and agricultural needs, and advanced drainage systems. Mohamed Abady described the project as a strategic national initiative designed to optimize Egypt's resources, promote sustainable development, and prioritize investment in human capital. 'The Safaga Industrial Zone will serve as a modern industrial and logistics hub, strategically located near Safaga Port. Our collaboration with Elsewedy Electric is focused on providing state-of-the-art infrastructure, improving supply chain flexibility, and enhancing logistics capabilities to support exports to Africa, Europe, and the Middle East,' Abady added. For his part, Ahmed El Sewedy highlighted that this project is a natural extension of Elsewedy Electric's commitment to developing cutting-edge industrial infrastructure that aligns with Egypt's economic vision. 'Our goal is to strengthen Egypt's supply chains, increase exports, and foster balanced regional development. This partnership will create a smart, investor-friendly industrial zone that generates sustainable jobs for future generations,' El Sewedy stated. Since its establishment in 2017 by a presidential decree, the Golden Triangle Economic Zone has been a critical project under Egypt's Vision 2030, designed to drive economic growth in southern Upper Egypt through a public-private partnership (PPP) model. The new partnership with Elsewedy Electric will be a key driver in realizing this vision, making the Golden Triangle a key focal point for industrial advancement in the region.
Zawya
06-08-2025
- Business
- Zawya
Egypt: Elsewedy Electric's consolidated profits up 3.1% YoY in H1 2025
Arab Finance: The consolidated net profits attributable to the parent of Elsewedy Electric grew by 3.1% year-on-year (YoY) to EGP 8.694 billion in the first half (H1) of 2025, versus EGP 8.435 billion, as per the financial results. The revenues hit EGP 123.800 billion at the end of June 2025, up 20.6% YoY from EGP 102.626 billion. Basic and diluted earnings per share (EPS) declined to EGP 3.55 in H1 2025 from EGP 3.56 a year earlier. Regarding the standalone business, the EGX-listed firm turned profitable at EGP 2.173 billion in H1 2025, against net losses valued at EGP 109.900 million a year earlier. Non-consolidated revenues plunged to EGP 499.425 million from EGP 3.608 billion. Ahmed El Sewedy, CEO of Elsewedy Electric, commented: 'In H1 2025, we achieved solid revenue growth of 20.6%, alongside a net profit margin of 7%, reflecting the strength of our diversified operations and disciplined execution.' He added: 'As previously highlighted, gross margins are gradually normalizing, in line with our expectations. Nonetheless, they remained resilient in the face of ongoing global challenges, underscoring the robustness of our business model and our ability to adapt to shifting market dynamics.' © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
17-06-2025
- Business
- Zawya
Egyptian government, Elsewedy discuss expanding cooperation in petroleum, mining sectors
Egypt - Minister of Petroleum and Mineral Resources Karim Badawi met with Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric, to discuss avenues for expanding joint cooperation in the fields of petroleum, mineral resources, petrochemicals, and green energy. During the meeting, Badawi presented the six foundational pillars of the Ministry's strategic plan, highlighting extensive investment opportunities within Egypt's petroleum sector and its rapidly developing mining industry. He emphasised the significance of transforming the Egyptian Mineral Resources Authority into the 'Mineral Resources and Mining Industries Authority'—a newly established economic body that is expected to enhance the Authority's operational efficiency, foster better alignment with government and investor interests, and attract both foreign and local investment into the mining sector. This transformation, he noted, is a major step towards positioning Egypt as a regional hub for value-added mining activities. By tapping into both domestic mineral wealth and raw materials imported from African nations, Egypt aims to establish complementary industries that create added value across the supply chain. Badawi also reaffirmed the Ministry's commitment to encouraging private sector involvement across these key sectors, stressing the mutual benefits for the state and investors alike. Ahmed El Sewedy, for his part, reiterated the group's strong interest in investing in mineral resources such as phosphate and kaolin, particularly through the development of downstream industries that enhance the value of these materials. He highlighted Elsewedy Group's broad international presence, with operations in more than 40 countries, and affirmed the company's intention to expand its footprint in Egypt through investments in mining, green energy, petroleum exploration services, and petrochemical industries. The meeting was also attended by senior officials, including Samir Raslan, Undersecretary of the Ministry for Exploration and Agreements; Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA); and Mohamed Radwan, Director of the Egypt Upstream Gateway and Vice President for Agreements and Exploration at Ganoub El Wadi Holding Company for Petroleum. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
16-06-2025
- Business
- Daily News Egypt
Egyptian government, Elsewedy discuss expanding cooperation in petroleum, mining sectors
Minister of Petroleum and Mineral Resources Karim Badawi met with Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric, to discuss avenues for expanding joint cooperation in the fields of petroleum, mineral resources, petrochemicals, and green energy. During the meeting, Badawi presented the six foundational pillars of the Ministry's strategic plan, highlighting extensive investment opportunities within Egypt's petroleum sector and its rapidly developing mining industry. He emphasised the significance of transforming the Egyptian Mineral Resources Authority into the 'Mineral Resources and Mining Industries Authority'—a newly established economic body that is expected to enhance the Authority's operational efficiency, foster better alignment with government and investor interests, and attract both foreign and local investment into the mining sector. This transformation, he noted, is a major step towards positioning Egypt as a regional hub for value-added mining activities. By tapping into both domestic mineral wealth and raw materials imported from African nations, Egypt aims to establish complementary industries that create added value across the supply chain. Badawi also reaffirmed the Ministry's commitment to encouraging private sector involvement across these key sectors, stressing the mutual benefits for the state and investors alike. Ahmed El Sewedy, for his part, reiterated the group's strong interest in investing in mineral resources such as phosphate and kaolin, particularly through the development of downstream industries that enhance the value of these materials. He highlighted Elsewedy Group's broad international presence, with operations in more than 40 countries, and affirmed the company's intention to expand its footprint in Egypt through investments in mining, green energy, petroleum exploration services, and petrochemical industries. The meeting was also attended by senior officials, including Samir Raslan, Undersecretary of the Ministry for Exploration and Agreements; Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA); and Mohamed Radwan, Director of the Egypt Upstream Gateway and Vice President for Agreements and Exploration at Ganoub El Wadi Holding Company for Petroleum.
