The Golden Triangle Economic Zone (GTEZ) has signed a memorandum of understanding (MoU) with Elsewedy Electric, a leading energy solutions provider and industrial developer, to create a fully integrated, sustainable industrial and logistics hub in the Safaga Industrial Zone. This new development, part of Egypt’s Golden Triangle Economic Zone in the Red Sea Governorate, aims to boost industrial growth and regional development in Upper Egypt.
The MoU was signed by Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric, and Mohamed Abady, Chairperson of GTEZ. Under the agreement, the two entities will establish a joint-stock company to oversee the development of the industrial zone, which will meet international standards and host a range of industries, including mining, engineering, manufacturing, chemicals, food production, and more.
The new industrial hub is expected to attract both local and foreign investments, create thousands of jobs, and significantly enhance Upper Egypt’s contribution to Egypt’s national industrial output. The GTEZ has granted the project company the rights to manage all stages of the project, from construction to operation, ensuring the use of advanced technologies and sustainable practices.
In a related move earlier this year, TAQA Arabia signed a protocol with GTEZ to enhance the infrastructure of the industrial zone. This includes establishing energy networks, both conventional and renewable, as well as natural gas distribution, water services for industrial and agricultural needs, and advanced drainage systems.
Mohamed Abady described the project as a strategic national initiative designed to optimize Egypt’s resources, promote sustainable development, and prioritize investment in human capital. “The Safaga Industrial Zone will serve as a modern industrial and logistics hub, strategically located near Safaga Port. Our collaboration with Elsewedy Electric is focused on providing state-of-the-art infrastructure, improving supply chain flexibility, and enhancing logistics capabilities to support exports to Africa, Europe, and the Middle East,” Abady added.
For his part, Ahmed El Sewedy highlighted that this project is a natural extension of Elsewedy Electric’s commitment to developing cutting-edge industrial infrastructure that aligns with Egypt’s economic vision. “Our goal is to strengthen Egypt’s supply chains, increase exports, and foster balanced regional development. This partnership will create a smart, investor-friendly industrial zone that generates sustainable jobs for future generations,” El Sewedy stated.
Since its establishment in 2017 by a presidential decree, the Golden Triangle Economic Zone has been a critical project under Egypt’s Vision 2030, designed to drive economic growth in southern Upper Egypt through a public-private partnership (PPP) model. The new partnership with Elsewedy Electric will be a key driver in realizing this vision, making the Golden Triangle a key focal point for industrial advancement in the region.
