Sunday 09 Mar
In line with President Abdel Fattah El-Sisi's directives to boost Egypt's industrial sector and establish it as a regional hub, the government is prioritizing private sector partnerships and localizing key industries. This strategy aims to drive economic growth, create jobs for youth, reduce import dependence, and expand Egyptian exports. To solidify Egypt's position as a leading industrial and logistics center, the Ministries of Industry and Transport are implementing a comprehensive plan to strengthen infrastructure and port efficiency.
As part of these efforts, Lieutenant General Engineer Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, oversaw the signing of a memorandum of understanding between the Holding Company for Maritime and Land Transport and Elsewedy Electric. This agreement focuses on establishing, managing, operating, and developing a 6-million-square-meter integrated industrial and logistics zone in Damietta Port, implemented in two phases.
The memorandum was signed by Dr. Amr Moustafa, Managing
Director of the Holding Company for Maritime and Land Transport, and Engineer
Mohamed El-Qammah, Chief Executive Officer of the Infrastructure Investments
Sector at Elsewedy Electric. The signing ceremony was attended by Major General
Tarek Adly, Chairman of the Damietta Port Authority, Engineer Mohamed Fathy,
Assistant Minister of Land and Sea Transport, Engineer Ahmed Elsewedy, CEO and
Managing Director of Elsewedy Electric, and Engineer Amr El-Sawwaf, General
Manager of Egytech Cables.
El-Wazir explained that the agreement entails creating a
company to establish, manage, and operate an integrated industrial and
logistics zone in Damietta Port, under the industrial developer system in New
Damietta, west of Damietta. Elsewedy Industrial Development will undertake the
planning, infrastructure development, and utility installation for the
industrial city, aiming to attract investments in sectors such as food,
automotive, engineering, and petrochemicals. He highlighted Elsewedy Electric's
initial $500 million investment in a 500,000-square-meter submarine cable
factory, the first in the Middle East and the sixth worldwide. This factory
will serve as a strategic addition to Egypt's energy and infrastructure
transmission capabilities, enabling intercontinental submarine cable
connections and reinforcing Egypt's position as a regional hub for advanced
industries.
El-Wazir emphasized that the factory will feature a
180-meter-plus tower, a global leader in submarine cable manufacturing, crucial
for deep and efficient production. This 100% export-oriented facility will
solidify Egypt's position as a major submarine cable supplier to Europe, the
Middle East, and Africa. He highlighted the vital role of submarine cables in
intercontinental energy transmission and infrastructure, positioning Egypt as a
provider of advanced global solutions.
Engineer Ahmed Elsewedy, CEO and Managing Director of
Elsewedy Electric, stated that the memorandum signifies a major advancement in
industrial and logistics city development. This project aims to revolutionize
Egypt's industrial sector by fostering a competitive environment for industries
like renewable energy, automotive, petrochemicals, and advanced engineering. He
emphasized that it solidifies New Damietta's position as a global industrial
and logistics hub, aligning with Egypt's Vision 2030. Furthermore, this project
reinforces Elsewedy Electric's leadership in infrastructure and advanced
industry development, strengthening Egypt's role as a global industrial and
logistics center.
For his part, Engineer Mohamed El-Qammah, CEO of Elsewedy
Industrial Development, stated that this project represents an unprecedented
model in the development of industrial zones in new strategic locations, as it
enhances economic integration and provides an attractive environment for
advanced industries and local and international investors.
He also noted that the establishment of an industrial city within Damietta Port is the first of its kind in Egypt, providing an unprecedented competitive advantage for investors by combining manufacturing and logistics services in one location, reducing transportation costs and increasing production and export efficiency.
