Elsewedy Electric Co’s industrial development unit has signed an EGP 10 billion contract with the General Authority for Suez Canal Economic Zone to develop a land in Ain Sohkna.
The project is aimed to develop and promote the 10-kilometre land, Elsewedy said in a filing to the Egyptian Exchange (EGX) on Sunday.
The project will be implemented at a cost of EGP 10 billion in 10 years, the Egyptian cable maker added, pointing out that the industrial zone plans to attract and provide 150,000 jobs.
The contract includes establishing an integrated industrial zone, along with marketing it globally and locally in a bid to attract foreign and domestic investments to Egypt, according to the filing.
In November, Elsewedy said its consortium with Arab Contractors did not receive the final approval to begin the construction work of Stiegler’s Gorge dam in Tanzania yet.
In July, CEO of Elsewedy Electric Ahmed El Sewedy revealed that the company would partner with Arab Contractors and other firms to compete for the construction of a hydroelectric dam in Tanzania.
In October, the Arab world’s largest listed cable company announced that the consortium received the preliminary approval to commence the construction of a hydroelectric power plant in Tanzania.