Elsewedy Electric to expand investments in Egypt's mining, green energy
Arab Finance: Elsewedy Electric is planning to boost its investments in Egypt's mining, green energy, exploration services, and the petrochemical industry, the company's CEO Ahmed Elsewedy unveiled.
During his meeting with Minister of Petroleum and Mineral Resources Karim Badawi, Elsewedy discussed strengthening cooperation in mineral resources, petroleum, petrochemicals, and green energy sectors.
He also highlighted the group's plans to invest in mineral resources, including phosphate and kaolin, through establishing value-added processing industries.
On his part, Badawi reviewed the six key pillars of the state's strategy, addressing the recent decision to transform the Egyptian Mineral Resources Authority (EMRA) into the Mineral Resources and Mining Industries Authority.
This step aims to enhance the authority's efficiency in working with both the government and investors and attract domestic and foreign investment into the mining sector, while backing Egypt's position as a regional hub for mining industries.
On June 12 th, President Abdel Fattah El-Sisi approved this transformation as part of the state's efforts to achieve a real breakthrough in the mining sector and maximize the added value of mineral resources.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 hours ago
- Zawya
Tunisia: FDI up 21% in 2024 (UNCTAD)
Tunis - Foreign Direct Investment (FDI) in Tunisia increased by 21% in 2024, compared to 2023, reaching $936 million, according to the latest World Investment Report published Thursday by the United Nations Conference on Trade and Development (UNCTAD). Along with Egypt, Tunisia contributed «significantly» to the rise in the value of new projects in North Africa, where investments grew by 12% to reach $76 billion, accounting for two-thirds of the continent's total investment spending. Tunisia contributed to this growth with investment announcements worth $13 billion, along with a considerable increase in the number of projects. According to UNCTAD, North Africa was the only region in the continent to record an increase in the value of new projects. It also attracted the highest amount of FDI on the continent, with a value of $51 billion, compared to $13 billion in 2023. Moreover, the report highlighted a significant rebound in FDI flows to Africa, which surged by 75% to reach $97 billion, representing 6% of global FDI flows, compared to 4% the previous year. This increase is largely attributed to an international financing agreement for urban development projects in Egypt, according to the same source. Excluding this boost, FDI in Africa still grew by 12%, reaching about $62 billion, which is 4% of global flows. Efforts to facilitate investment continued to play an important role in Africa, accounting for 36% of investor-friendly policy measures. Liberalisation also remained a key aspect of investment policy-making in both Africa and Asia, representing one-fifth of the measures adopted in 2024. The continent attracted a growing share of global megaprojects in 2024, including seven valued at over $4 billion each. Among the largest announcements was a megaproject in Tunisia's renewable energy sector, worth a total of $6 billion. At the sector level, construction and metal products saw the largest increases in investment in entirely new projects, while electricity and gas supply projects dropped by $51 billion. According to the report, European investors hold the largest stock of FDI in Africa, followed by the United States and China. Chinese investments, valued at $42 billion, are diversifying into sectors such as pharmaceuticals and agribusiness. © Tap 2022 Provided by SyndiGate Media Inc. (
Zawya
6 hours ago
- Zawya
Visa appoints Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa
Cairo – Visa (NYSE: V) today announced the appointment of Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA). In his new role, the established Visa leader will be responsible for leading operations across more than 86 innovative and fast-growing markets. Visa's CEMEA operations today serve more than 1,800 clients from 23 local offices across the region. Mr. Muhmood brings more than 30 years of banking and payments experience to the role. He most recently served as head of Value-Added Services for Visa's Europe region, based in London, and originally joined Visa in 2019 as Group Country Manager for Southeast Asia, based in Singapore. Prior to joining Visa, Mr. Muhmood held senior leadership positions with Ahli United Bank, ANZ and HSBC. Mr. Muhmood will be based in Dubai, and will take on the role effective immediately, reporting to Oliver Jenkyn, Group President, Global Markets, Visa. Mr. Muhmood succeeds Andrew Torre, who was recently appointed as President of Visa's Value-Added Services business, which has rapidly grown into a $9B global business and has delivered annualized revenue growth of 20% since 2021. 'We are delighted to appoint a leader with Tareq's deep experience at the intersection of financial services, technology and high growth markets to lead Visa's fastest growing region and continue our journey to advance the future of digital payments across CEMEA,' said Mr. Jenkyn. 'During the course of his career, Tareq has worked in 13 countries, and brings unique global perspective, world-class leadership and a proven track record partnering with Visa's largest clients across diverse, complex and rapidly accelerating markets.' 'It is a great honor to lead the CEMEA region, and to continue the tremendous progress that has been made in transforming the future of payments, commerce and money movement across so many dynamic markets,' said Mr. Muhmood. 'Having spent more than a third of my career in the region, I am excited by the incredible opportunity to further expand digital payments amongst more consumers, merchants and economies. I look forward to working closely with our outstanding team to enable shared growth with clients and partners across the region.' About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
Zawya
6 hours ago
- Zawya
First Quantum Minerals' Zambian Country Manager Joins African Mining Week (AMW) 2025
Godwin Beene, Country Manager for Zambia at mining firm First Quantum Minerals, will speak at the upcoming African Mining Week (AMW) conference – Africa's premier event for the mining sector. During the event, Beene will join a high-level panel discussion titled Zambia: Accelerating Exploration and Development Through License Allocation and Global Partnerships, where he is expected to share insights into the company's Zambian strategy. Beene's participation at AMW 2025 comes as Zambia intensifies efforts to attract global investment and scale-up copper production to three million tons per annum by 2031. As a key player in the market, First Quantum Minerals plays a pivotal role in driving Zambia's mining sector forward. Beene's participation at AMW 2025 presents an opportunity for the company to engage with potential partners, investors and service providers aligned with the company's long-term strategy. AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ First Quantum Minerals continues to advance several impactful mining operations in Zambia. At the Kansanshi Mine, the company produced 46,544 tons of copper in Q1, 2025 alone, with a full-year target of 190,000 tons of copper and 110,000 ounces of gold. The Kansanshi S3 Expansion Project is also on track to begin production this year, setting the stage for increased output in the coming years. The S3 Expansion Project comprises an expanded mining fleet and smelter as well as the development of the South East Dome pit and a new processing plant. This will increase the life of mine until 2040. Meanwhile, Sentinel Mine reported 46,361 tons of copper production in Q1, 2025, with aims to reach 230,000 tons by year-end. At the Enterprise Nickel Mine - situated 12 km from the Sentinel copper mine - the company produced 4,649 tons of nickel during Q1, 2025, increasing output by 25% compared to the previous quarter. The company plans to produce 25,000 tons of nickel in 2025 at the mine, with a focus on ore quality and grade control. At AMW 2025, Beene's insights will provide greater understanding of these projects, including their impact on Zambia's mining industry. Held under the theme From Extraction to Beneficiation: Unlocking Africa's Mineral Wealth, the event will serve as a key platform for forging global partnerships, accelerating exploration and promoting sustainable growth across the continent's mining sector. With a session focused on Zambia, industry leaders such as Beene will engage with government officials, financiers and technology providers to shape the future of mining in the country. Distributed by APO Group on behalf of Energy Capital&Power.
