Elsewedy Electric’s unit to execute 700mn pounds facilities project in Egypt’s Sadat City

Egyptian cable maker El Sewedy Electric’s subsidiary, SDM for Development and Management, plans to invest 700 million Egyptian pounds for conducting facilities to 1.4 million square metres in Sadat City, 94km (58 miles) north of Cairo.

Construction work is set to be completed within two years, company’s CEO Mohammed Kammah told Alborsa News.

The plot of land is expected to see the construction of around 50 plants, he forecast.

SDM for Development and Management had obtained the land plot in a tender by the Industrial Development Authority last year.

In February, SDM signed a contract to develop land plots in Sadat city with 266 million pounds in investments.