Arab Finance: Company cooperates Elsewedy Electric (SWDY)with the German company Siemens to establish a power plant in the Saudi city of Rabigh on the Red Sea at a cost of $800 million, according to For a statement The company sent to the Egyptian Stock Exchange..
The project will include both steam and gas turbines currently in the construction phase and is expected to be completed by the end of 2026.
Al Suwaidi expects to complete the expansion of its factory in Saudi Arabia in January 2025, adding that the company is looking to expand its presence abroad, especially through investments in the Gulf Cooperation Council countries. The company also hopes to increase the volume of its exports to the rest of Africa and Europe during the coming period.
About its consolidated business results for the financial period ending on 06/30/2024, where revenues amounted to 102.626 billion pounds during the first half of 2024, which is an annual growth rate of 47.4%, according to what the company stated in Disclosure Sent to the Egyptian Stock Exchange.
Founded in 1938, the company operates in five main business segments: wires, cables and accessories, electrical products, engineering and construction, digital solutions, and infrastructure investments. It has a strong presence in 19 countries across the world, and 31 production facilities spread across African and Asian countries including Egypt, Algeria, Saudi Arabia, Qatar, Indonesia, Pakistan and Tanzania.
It exports a wide range of high-quality products to more than 110 countries around the world. Elsewedy Electric follows a distinctive, pioneering approach in providing integrated services in the field of engineering, procurement and construction (EPC), which enables it to deliver all projects of an integrated nature ready for actual operation on time and with the highest efficiency.
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