Ahmed Elsewedy, CEO of Elsewedy Electric, said approximately $400 million (SAR 1.5 billion) will be invested in Saudi Arabia. The funds will support the construction of nine new factories, including two in Yanbu for specialized cables and copper rods, with the copper rod plant developed in partnership with Alfanar, having an annual capacity of over 130,000 tonnes. Additional facilities in Riyadh will focus on cable accessories, fiberglass, electric vehicle chargers, and water meters, while a new plant in Dammam will produce power transformers.

The company currently generates $533 million from Saudi industrial operations and has $4 billion in ongoing engineering and construction projects.

In Qatar, Elsewedy Electric has earmarked $67 million (QAR 250 million) for factories producing copper and aluminum rods and power distribution transformers. These projects are under review, with production potentially starting by 2027. The company’s existing Qatari operations generate roughly $549 million (QAR 2 billion) and exported over $150 million this year to the Gulf, Australia, and New Zealand. A recent partnership with Raneen Energy aims to enhance Qatar’s power systems.

Founded in 1938, Elsewedy Electric has evolved into a global energy and infrastructure leader with operations in 15 countries. The El-Sewedy family holds 68.1% of the company, and Ahmed Elsewedy owns 25.52%. The company reported $298.5 million in profit for the first nine months of 2025 and record revenue of $4.22 billion.

Source: billionaires.africa