Arab Finance: The Egyptian government has received a request from Elsewedy Electric (SWDY) to build a new industrial zone in New 6th of October city, Prime Minister Mostafa Madbouly stated during a meeting on January 2nd.
The new zone is expected to be executed through the industrial developer system in close proximity to the dry port being constructed at the 6th of October city, Madbouly said.
During the meeting, Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar referred to the possibility of setting a timeframe for the process of developing the zone, adding that the required plots of land for the establishment of the project would be allocated in two phases.
For his part, Ahmed El-Sewedy, CEO and Managing Director of Elsewedy Electric said that the project would feature Elsewedy Academy for Training, an administrative and services area, a commercial area, an industrial area, a warehouse area, a central park, and a logistics area.
The project is set to be implemented in three phases and is expected to add around EGP 5 billion a year to the gross domestic product (GDP), El-Sewedy noted.
Moreover, the project is projected to attract foreign and local investment worth EGP 20 billion, he pointed out, adding that it will offer more than 150,000 jobs across various industries.
It will also include the construction and development of over 400 plants and about 100 logistical and commercial buildings, El-Sewedy added.
Additionally, El-Sewedy highlighted that the project is planned to be built over a 5-million-square-meter land, which would make it among Egypt’s largest industrial zones.
Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East, with a portfolio covering all traditional and renewable energy areas along with related services.