The announcement comes as the firm ramps up its Gulf operations, having already injected more than 1.5 billion Saudi riyals into the Saudi market. Those funds supported expansions in specialized energy, environmental power, and infrastructure.
In Saudi Arabia's Yanbu, Elsewedy recently inaugurated two plants: one for specialized cables and another for copper rods in partnership with Al Fanar. The copper facility, which has an annual production capacity exceeding 130,000 tons, also produces cable accessories and fiberglass.