Elsewedy Electric, an international cable and electrical equipment maker founded by Egypt’s El-Sewedy family, has signed a $1 billion agreement with Saudi Electricity Company (SEC) to expand Middle Eastern energy infrastructure.
This momentous milestone solidifies the family-owned company’s position as a major participant in the region’s energy sector.
Elsewedy Electric has been awarded a project to build a combined cycle power generation station in Rabigh, Saudi Arabia, in conjunction with SEC and German-based Siemens Energy.
The plant will have a total capacity of 1,200 megawatts (MW) and is an important part of Saudi Arabia’s Vision 2030 initiative to diversify its energy sources and reduce reliance on oil.
Elsewedy Electric, one of the major integrated energy solutions suppliers in the Middle East and Africa, is expanding its footprint by specializing in energy distribution, smart grid technologies, and renewable energy solutions.
The engagement with the SEC matches with Saudi Arabia’s lofty goals of modernizing its energy infrastructure while fostering regional economic growth.
Elsewedy Electric, founded in 1938, is still controlled by the El-Sewedy family, which owns 68.1 percent of the company. Led by Ahmed El-Sewedy, the family has transformed the company into a prominent force in the electrical equipment manufacturing industry, contributing to significant energy projects around the Middle East and North Africa.
This agreement represents Egypt and Saudi Arabia’s growing cooperation, strengthening the two countries’ economic connections. Elsewedy Electric sees this relationship as another step toward cementing its image as a reliable partner in large-scale energy projects.