Latest news with #ElsewedyElectric
Zawya
16 hours ago
- Business
- Zawya
Egypt's Elsewedy Electric to supply power solutions for first resort in Ras El Hekma
Elsewedy Electric announced on Thursday that it has been selected by Abu Dhabi-based developer Modon Holding to provide power infrastructure for the first resort in Ras El Hekma mega project. The ADX-listed Modon Holding was appointed as the master developer for Ras El Hekma by ADQ Holding in October 2024. Elsewedy Electric, listed on the EGX, said in a statement that it will supply advanced dry-type transformers and install high-performance Busway systems as part of the resort's energy infrastructure. The resort is currently under construction and forms part of a broader investment strategy to transform Ras El Hekma into a high-end coastal destination, the statement noted. In addition to being master developer for Ras Al Hekma's 170 million square metres (sqm) area, Modon Holding is also the developer for the first phase of the city consisting of 50 million sqm. (Writing by Eman Hamed; Editing by Anoop Menon) (
Al-Ahram Weekly
18 hours ago
- Business
- Al-Ahram Weekly
$1.1 billion in transmission deals highlight day 2 of Africa Energy Forum in Cape Town - Energy
Over 6,000 delegates attended the second day of the Africa Energy Forum 2025 at the Cape Town International Convention Centre. The forum reinforces Africa's collective determination to achieve universal energy access, accelerate clean energy deployment, and strengthen regional power trade. Under the theme 'Africa United', governments, financiers, developers, innovators, and youth leaders converged to turn dialogue into action through new partnerships, initiatives, and investment pledges. Egyptian energy leader Elsewedy Electric reaffirmed its commitment to advancing Africa's energy future through active participation at the Africa Energy Forum (AEF 2025), hosted at the Cape Town International Convention Centre. The company showcased its integrated portfolio of sustainable energy solutions while engaging with key partners, government stakeholders, and international investors. In a statement, Elsewedy Electric described the Forum as a vital platform for advancing its mission on the continent. "This key industry event is a powerful platform for our leadership and Africa Commercial team to showcase our cutting‑edge sustainable energy solutions. We're excited to build new partnerships, unlock fresh business opportunities, and reaffirm our commitment to powering Africa's energy future." Elsewedy's presence highlighted its growing role as a regional industrial powerhouse, with capabilities spanning solar generation, medium-voltage smart distribution, grid modernisation, and off-grid electrification systems. Through its exhibition stand and a series of high-level meetings, the company presented its technical solutions to support Africa's energy transition and achieve universal electricity access. The company's participation aligns with its broader expansion strategy across the continent, building on recent achievements, including a $150 million financing package secured earlier this year from the International Finance Corporation (IFC), First Abu Dhabi Bank, and Europe Arab Bank. This funding supports Elsewedy's clean energy and industrial projects, which are expected to contribute significantly to emissions reductions and the region's decarbonisation agenda. One of the day's key outcomes was the launch of Mission 300 by the African Development Bank (AfDB) and the World Bank, aiming to provide electricity to 300 million people by 2030, starting with 50 million new connections in its initial phase. AfDB President Dr Akinwumi Adesina declared: 'No economy can grow, industrialize, or be competitive in the dark.' Dr Kevin Kariuki, AfDB Vice President for Power, Energy, Climate Change and Green Growth, added: 'Mission 300 is Africa's most ambitious and coordinated effort to deliver universal energy access at scale. It will only succeed through new capital, partners, and solutions.' Accompanying this, AfDB signed a $400 million blended finance agreement with a consortium of private investors and development agencies to support mini-grid and off-grid solutions in underserved rural regions, prioritising projects in Mozambique, Sierra Leone, and Chad. The bank also formalised a memorandum of understanding (MoU) with the African Trade Insurance Agency (ATI) to provide political risk insurance for renewable energy investments tied to Mission 300. The forum also witnessed the signing of a cross-border transmission financing deal valued at $1.1 billion between the Southern African Power Pool (SAPP), Standard Bank, and the European Investment Bank. This agreement aims to fast-track the development of the Mozambique-Malawi-Zambia transmission corridor, a key element of the African Single Electricity Market (AfSEM). The deal was unveiled during the session, where European and African leaders reaffirmed their commitment to deeper regional integration. Adam Cortese, CEO of Sun Africa, stated: 'The future of African power infrastructure starts with Sun Africa, and the conversation about Africa's energy future continues at the Africa Energy Forum. We are proud to be the Forum Sponsor of an event that will unite visionaries and people across the continent.' Technology providers also sealed several essential partnerships. Trinasolar, in unveiling its Vertex N 630W ultra-durable module, announced a framework agreement with Eskomto pilot 100 MW of integrated solar-plus-storage systems in South Africa's Northern Cape. Vincent Wu, Trinasolar's Vice President for the Middle East and Africa, noted: 'Our Vertex N 630W module and storage systems bring real resilience to African energy grids facing extreme climate realities.' In parallel, Relyez inked a supply and maintenance contract with Kenya Power to deploy modular battery energy storage systems to stabilise grid operations in Nairobi and Mombasa. Green investment commitments continued to build momentum with the launch of the Octopus Energy Power Africa (OEPA) Fund, aimed at raising $250 million for clean energy over three years. Zoisa North-Bond, CEO of Octopus Energy Generation, said: 'Africa is abundant with clean energy potential – enough to build the next-generation renewable powerhouse and a greener, fairer future fuelled by sunshine and wind.' The fund's initial $60 million will target solar and wind projects in Kenya, Senegal, and Ghana, emphasizing local job creation. Youth and community engagement remained central. The Youth Energy Summit (YES!) attracted over 4,000 young professionals, students, and entrepreneurs who participated in masterclasses, pitch competitions, and direct dialogues with investors. Adam Cortese highlighted the importance of youth inclusion, reiterating that the forum would 'unite visionaries and unite people from across the continent.' The day concluded with the Africa Challenge Cup at DHL Stadium, where mixed teams of delegates, sponsors, and local players participated in a friendly football tournament, embodying the spirit of unity and informal collaboration. Day 2 of AEF 2025 showcased the power of partnerships, financial innovation, and technological advancement to drive Africa's energy transformation. The forum is now in its third day and will focus on green finance, sustainable utility reform, and advancing regional trade frameworks. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
3 days ago
- Business
- Zawya
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. (
Zawya
3 days ago
- Business
- Zawya
Egyptian government, Elsewedy discuss expanding cooperation in petroleum, mining sectors
Egypt - Minister of Petroleum and Mineral Resources Karim Badawi met with Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric, to discuss avenues for expanding joint cooperation in the fields of petroleum, mineral resources, petrochemicals, and green energy. During the meeting, Badawi presented the six foundational pillars of the Ministry's strategic plan, highlighting extensive investment opportunities within Egypt's petroleum sector and its rapidly developing mining industry. He emphasised the significance of transforming the Egyptian Mineral Resources Authority into the 'Mineral Resources and Mining Industries Authority'—a newly established economic body that is expected to enhance the Authority's operational efficiency, foster better alignment with government and investor interests, and attract both foreign and local investment into the mining sector. This transformation, he noted, is a major step towards positioning Egypt as a regional hub for value-added mining activities. By tapping into both domestic mineral wealth and raw materials imported from African nations, Egypt aims to establish complementary industries that create added value across the supply chain. Badawi also reaffirmed the Ministry's commitment to encouraging private sector involvement across these key sectors, stressing the mutual benefits for the state and investors alike. Ahmed El Sewedy, for his part, reiterated the group's strong interest in investing in mineral resources such as phosphate and kaolin, particularly through the development of downstream industries that enhance the value of these materials. He highlighted Elsewedy Group's broad international presence, with operations in more than 40 countries, and affirmed the company's intention to expand its footprint in Egypt through investments in mining, green energy, petroleum exploration services, and petrochemical industries. The meeting was also attended by senior officials, including Samir Raslan, Undersecretary of the Ministry for Exploration and Agreements; Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA); and Mohamed Radwan, Director of the Egypt Upstream Gateway and Vice President for Agreements and Exploration at Ganoub El Wadi Holding Company for Petroleum. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
26-05-2025
- Business
- Zawya
Egypt: Elsewedy Electric's Q1 consolidated profit rises 4.18% YoY
Elsewedy Electric (SWDY) reported a 4.18% year-on-year (YoY) increase in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2025, according to the company's financial statement filed to the Egyptian Exchange (EGX) on May 26th. Consolidated net profit attributable to the parent company amounted to EGP 4.146 billion in Q1 2025, compared to a profit of EGP 3.979 million in Q1 2024. The company also generated consolidated revenues of EGP 59.391 billion in the first three months this year, up from EGP 45.249 billion in the same quarter last year. The company recorded a standalone net loss after tax of EGP 477.965 million in Q1 2025, up from EGP 644.131 million in Q1 2024. Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
