Latest news with #HoldingCompanyforMaritimeandLandTransport
Zawya
10-03-2025
- Business
- Zawya
Elsewedy invests $500mln in submarine cable factory West of Damietta
Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, oversaw the signing of a Memorandum of Understanding (MoU) between the Holding Company for Maritime and Land Transport and Elsewedy Electric. The agreement aims to foster investment and trade relations through the development of an integrated industrial and logistics zone at Damietta Port, spanning 6 million square meters across two phases. The MoU was signed by Amr Mostafa, Managing Director of the Holding Company for Maritime and Land Transport, and Mohamed El-Qamash, CEO of Infrastructure Investments at Elsewedy Electric, in the presence of notable divs including Tarek Adly, Chairperson of Damietta Port Authority, Mohamed Fathy, Advisor to the Minister for Land and Maritime Transport, Ahmed Elsewedy, CEO and Managing Director of Elsewedy Electric, and Amr El-Sawaf, General Manager of Egytech Cables. This initiative aligns with President Abdel Fattah Al-Sisi's vision to transform Egypt into a regional industrial hub. It aims to localize strategic industries, stimulate the national economy, create new job opportunities, reduce import dependency, and boost exports, thereby enhancing the global presence of Egyptian products. It is also part of the government's comprehensive plan, led by the Ministries of Industry and Transport, to improve infrastructure and upgrade ports, bolstering Egypt's competitiveness as a regional industrial and logistics center. Al-Wazir announced that the agreement involves the establishment of a new company tasked with managing the integrated industrial and logistics zone in New Damietta, west of Damietta, under the industrial developer model. ElSewedy Industrial Development will lead the planning and development of the industrial city, including the construction of utility networks and industrial infrastructure. The city will attract investors from various industries, such as food production, automotive, engineering, and petrochemicals. The first major investment in the West Damietta Industrial City is the construction of a submarine cable factory by Elsewedy Electric. With a $500m investment over 500,000 square meters, this facility will be the first of its kind in the Middle East and the sixth globally. The factory will strengthen Egypt's role as a regional hub for energy transmission and advanced industries by manufacturing submarine cables that connect continents. Al-Wazir highlighted that the factory will include one of the world's tallest submarine cable manufacturing towers, exceeding 180 meters in height. This advanced facility will produce high-depth, high-efficiency submarine cables. Notably, 100% of its output will be exported, reinforcing Egypt's status as a major supplier to Europe, the Middle East, and Africa. Submarine cables are critical global infrastructure, enabling cross-continental energy transmission and supporting oil and gas industries. The new factory will provide advanced solutions to elevate these industries on a global scale. Ahmed Elsewedy, CEO and Managing Director of Elsewedy Electric, emphasized that the agreement represents a major milestone in developing industrial and logistics cities. The project will create a competitive environment for industries such as renewable energy, petrochemicals, automotive, and advanced engineering. Elsewedy underscored that this initiative positions New Damietta as a global industrial and logistics hub, aligning with Egypt's Vision 2030 to diversify the economy, attract investment, and boost exports. The project also cements Elsewedy Electric's reputation as a pioneer in infrastructure and advanced industries, reinforcing Egypt's leadership as a global industrial and logistics center. Mohamed El-Qamash, CEO of ElSewedy Industrial Development, described the project as a groundbreaking model for industrial zone development in strategic locations. He highlighted how the integration of manufacturing and logistics at Damietta Port offers a unique competitive advantage. This approach reduces transportation costs, enhances production efficiency, and facilitates exports, making it an attractive destination for both local and international investors. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Hossam Mounir
Daily News Egypt
08-03-2025
- Business
- Daily News Egypt
Elsewedy invests $500m in submarine cable factory West of Damietta
Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, oversaw the signing of a Memorandum of Understanding (MoU) between the Holding Company for Maritime and Land Transport and Elsewedy Electric. The agreement aims to foster investment and trade relations through the development of an integrated industrial and logistics zone at Damietta Port, spanning 6 million square meters across two phases. The MoU was signed by Amr Mostafa, Managing Director of the Holding Company for Maritime and Land Transport, and Mohamed El-Qamash, CEO of Infrastructure Investments at Elsewedy Electric, in the presence of notable figures including Tarek Adly, Chairperson of Damietta Port Authority, Mohamed Fathy, Advisor to the Minister for Land and Maritime Transport, Ahmed Elsewedy, CEO and Managing Director of Elsewedy Electric, and Amr El-Sawaf, General Manager of Egytech Cables. This initiative aligns with President Abdel Fattah Al-Sisi's vision to transform Egypt into a regional industrial hub. It aims to localize strategic industries, stimulate the national economy, create new job opportunities, reduce import dependency, and boost exports, thereby enhancing the global presence of Egyptian products. It is also part of the government's comprehensive plan, led by the Ministries of Industry and Transport, to improve infrastructure and upgrade ports, bolstering Egypt's competitiveness as a regional industrial and logistics center. Al-Wazir announced that the agreement involves the establishment of a new company tasked with managing the integrated industrial and logistics zone in New Damietta, west of Damietta, under the industrial developer model. ElSewedy Industrial Development will lead the planning and development of the industrial city, including the construction of utility networks and industrial infrastructure. The city will attract investors from various industries, such as food production, automotive, engineering, and petrochemicals. The first major investment in the West Damietta Industrial City is the construction of a submarine cable factory by Elsewedy Electric. With a $500m investment over 500,000 square meters, this facility will be the first of its kind in the Middle East and the sixth globally. The factory will strengthen Egypt's role as a regional hub for energy transmission and advanced industries by manufacturing submarine cables that connect continents. Al-Wazir highlighted that the factory will include one of the world's tallest submarine cable manufacturing towers, exceeding 180 meters in height. This advanced facility will produce high-depth, high-efficiency submarine cables. Notably, 100% of its output will be exported, reinforcing Egypt's status as a major supplier to Europe, the Middle East, and Africa. Submarine cables are critical global infrastructure, enabling cross-continental energy transmission and supporting oil and gas industries. The new factory will provide advanced solutions to elevate these industries on a global scale. Ahmed Elsewedy, CEO and Managing Director of Elsewedy Electric, emphasized that the agreement represents a major milestone in developing industrial and logistics cities. The project will create a competitive environment for industries such as renewable energy, petrochemicals, automotive, and advanced engineering. Elsewedy underscored that this initiative positions New Damietta as a global industrial and logistics hub, aligning with Egypt's Vision 2030 to diversify the economy, attract investment, and boost exports. The project also cements Elsewedy Electric's reputation as a pioneer in infrastructure and advanced industries, reinforcing Egypt's leadership as a global industrial and logistics center. Mohamed El-Qamash, CEO of ElSewedy Industrial Development, described the project as a groundbreaking model for industrial zone development in strategic locations. He highlighted how the integration of manufacturing and logistics at Damietta Port offers a unique competitive advantage. This approach reduces transportation costs, enhances production efficiency, and facilitates exports, making it an attractive destination for both local and international investors.
Zawya
28-02-2025
- Business
- Zawya
Egypt inks deal with Maersk to boost responsible ship recycling
Egypt - The Holding Company for Maritime and Land Transport has signed a memorandum of understanding (MoU) with A.P. Moller-Maersk A/S to enhance cooperation in responsible ship recycling (RSR) in line with international standards, as per a statement. The agreement aims to create a sustainable environment while supporting the steel and scrap industry. Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir stated that the project is Egypt's first of its kind for ship scrapping at Damietta Port in partnership with the Industrial Development Group. It aims to provide raw materials for the iron and steel industry within a sustainable environmental framework, reducing scrap imports and foreign currency use. The initiative complies with international regulations such as the Hong Kong Convention and the Basel Convention, supporting environmental protection and resource efficiency in maritime transport. The MoU builds on a previous agreement between the Holding Company for Maritime and Land Transport and the Industrial Development Group to establish a company managing ship scrapping, new ship construction and planned or emergency ship repairs. During the signing, discussions took place between the Ministry of Transport and A.P. Moller-Maersk on expanding cooperation in maritime transport, particularly in container terminals. El-Wazir highlighted investment opportunities at Gergoub and Max ports on the Mediterranean, as well as Sokhna and Berenice ports on the Red Sea, emphasizing Egypt's attractive investment climate. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
05-02-2025
- Business
- Zawya
Egypt: Canal Shipping Agencies logs 65% YoY higher profits in H1 FY2024/25
Canal Shipping Agencies (CSAG) logged net profits after tax of EGP 905.87 million in the first half (H1) of fiscal year (FY) 2024/2025, an annual hike of 65% from EGP 547.55 million, according to the financial results. Sales hit EGP 62.01 million at the end of December 2024, up 22% year-on-year (YoY) from EGP 50.76 million. In the first quarter (Q1) of FY2024/25, Canal Shipping Agencies posted 136.84% YoY higher net profits after tax at EGP 33.325 million, compared to EGP 14.071 million. The EGX-listed firm is a Holding Company for Maritime and Land Transport's subsidiary that provides marine port services and shipping services to international commercial fleets. The company operates four agencies: Asswan Shipping Agency, Assuit Shipping Agency, El Menia Shipping Agency, and Damanhour Shipping Agency. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
