Elsewedy Electric’s subsidiary aims for $400mln investments from industrial city launch in Tanzania

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The project aims to provide over 50,000 job opportunities

Staff Writer, Arab Finance

November 7, 2023

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Elsewedy Industrial Development, a subsidiary of Elsewedy Electric, has launched its new industrial city in Tanzania to attract $400 million worth of investments, as per a statement on November 6th.

The announcement came during the African Investments – Egyptian Industries in Tanzania forum held under the patronage of the General Authority for Investment and Free Zones (GAFI).

The project aims to provide over 50,000 job opportunities and, thus, contribute to Egypt’s industrial growth, CEO of Elsewedy Industrial Development Mohamed AlKammah said.

“This significant investment stands as a testament to our confidence in the Tanzanian state and the country's economic resurgence,” CEO and President of Elsewedy Electric Ahmed Elsewedy commented.

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