In a significant stride towards transforming Egypt into a regional industrial powerhouse, Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, recently presided over the signing of a groundbreaking Memorandum of Understanding (MoU). The agreement, a collaboration between the Holding Company for Maritime and Land Transport and Elsewedy Electric, aims to cultivate investment and trade by developing an expansive industrial and logistics zone at Damietta Port, covering an impressive 6 million square meters through two distinct phases.
The MoU was solemnized 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. The ceremony was graced by prominent figures such as 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 seamlessly with President Abdel Fattah Al-Sisi’s visionary blueprint to position Egypt as a regional industrial hub. It focuses on localizing strategic industries, invigorating the national economy, generating job opportunities, minimizing import reliance, and expanding exports to elevate the global stature of Egyptian products. This is an integral component of the government’s comprehensive strategy, spearheaded by the Ministries of Industry and Transport, to enhance infrastructure and upgrade ports, thereby bolstering Egypt’s competitive edge as a regional industrial and logistics center.
Al-Wazir revealed that the agreement encompasses the creation of a novel entity to manage the integrated industrial and logistics zone in New Damietta. Under the industrial developer model, ElSewedy Industrial Development will steer the planning and development of this industrial city. This involves the establishment of utility networks and industrial infrastructure, attracting investors from a variety of sectors including food production, automotive, engineering, and petrochemicals.
The debut major investment in the West Damietta Industrial City is the establishment of a submarine cable factory by Elsewedy Electric. This landmark $500 million investment spans 500,000 square meters, marking the first such facility in the Middle East and the sixth globally. This factory is poised to solidify Egypt’s status as a regional hub for energy transmission and advanced industries by producing submarine cables that are crucial for connecting continents.
Submarine cables are vital global infrastructure, facilitating cross-continental energy transmission and underpinning the oil and gas industries. The new facility will deliver cutting-edge solutions to elevate these industries to a global scale.
Ahmed Elsewedy emphasized the significance of the agreement, noting that it marks a pivotal moment in the evolution of industrial and logistics cities. The project aims to foster a competitive environment for sectors such as renewable energy, petrochemicals, automotive, and advanced engineering.
