Arab Finance: A company intends Swedish Electric (SWDY)The establishment of a marine cable factory at an investment cost of $ 500 million, to be the first projects in its new industrial area in Damietta Port, according to Statement Issued by the Ministry of Industry.
This factory is expected to be the first of its kind in the region and the sixth in the world, and will be built on an area of ​​500 thousand square meters. The factory will include a giant marine cable manufacturing tower with a height of more than 180 meters.
In the same driver, Eng. Ahmed Al -Suwaidi, CEO and Managing Director of Al -Suwaidi Electric, explained that the signing of this memo represents a qualitative step in developing industrial and logistical cities; Where the project aims to achieve a qualitative shift in the Egyptian industrial sector, by providing a competitive environment for different industries such as renewable energy, cars, petrochemicals, and advanced engineering.
He also pointed out that the project represents an important step towards consolidating the new Damietta site as a global industrial and logistical center, as it is in line with Egypt's Vision 2030, which aims to enhance economic diversity, support exports, and create new investment opportunities and that this project, Swedish Electric establishes its position as one of the leading companies in developing infrastructure and advanced industries, which enhances Egypt's role as a global center for industry And logistics.
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