HCMLT, Elsewedy Electric ink MoU to develop logistics industrial zone in Damietta Port
Updated 3/9/2025 9:12:00 AM
Arab Finance: The Holding Company for Maritime and Land Transport (HCMLT) and Elsewedy Electric have signed a memorandum of understanding (MoU) to establish, manage, operate, and develop an integrated logistics industrial zone in Damietta Port, as per a statement.
The project, covering 6 million square meters, will be developed in two phases under the industrial developer system in New Damietta.
Elsewedy Industrial Development will be responsible for planning the industrial city, building infrastructure, and attracting investors in key sectors such as food, automotive, engineering, and petrochemicals.
The first investment in West Damietta Industrial City will be a marine cable factory for Elsewedy Electric on an area of 500,000 square meters, with $500 million in investments.
It will be the first of its kind in the Middle East and the sixth globally, focusing entirely on exports.
The factory will feature a 180-meter-high tower, among the tallest in the world in the marine cable industry, supporting high-efficiency manufacturing.
The plant is expected to strengthen Egypt’s position as a key supplier of submarine cables across Europe, the Middle East, and Africa.
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