Elsewedy Electric unveils industrial complex in Tanzania
Elsewedy Electric inaugurates Tanzania industrial park: Elsewedy Electric opened a USD 35 mn electric cable factory in Tanzania yesterday, the company announced in a bourse filing (pdf), marking the start of the first phase of its Kigamboni industrial complex. Located near the country’s capital, the first phase of the park will include several factories for cables, wires, transformers, meters and polyvinyl chloride (PVC), as well as a 4.8k sqm logistics center, it said.
The industrial park aims to attract over USD 400 mn worth of investments from over 100 investors across the region, the company said in an emailed statement. It will span 2.2 mn sqm and will include chemical, engineering and mining plants, as well as a technical training academy. The park is being built by Elsewedy Electric’s subsidiary, Elsewedy Industrial Development.
It’s not clear how much Elsewedy will invest in the project, as the company didn’t disclose figures in the statement. Business Insider Africa reported last month that USD 200 mn will be spent on infrastructure for the first phase. The company declined to comment on the subject when approached by Enterprise.
This is not the company’s first rodeo in Tanzania: Elsewedy Electric and Arab Contractors were awarded the USD 2.9 bn contract to construct the country’s Julius Nyerere hydropower dam, a megaproject that will produce more than 2 GW of electricity when operational.
Elsewedy Electric has been increasing its African footprint in recent months. The company signed a USD 16.7 mn EPC contract to build a substation for Ghana’s state-owned electricity company, to be delivered within a two-year period.