Egypt is our most profitable region,’ says Ahmed El Sewedy

The economic reforms, especially the devaluation of the pound, have impacted positively on Elsewedy Electric, leading to a 95.7% year-on-year revenue increase for the six-month period ending 30 June, says Ahmed El Sewedy.

“The devaluation was the best thing implemented in the last five years. Before the devaluation and before the revolution, industry was dead and everyone was investing in property. At that time the exchange rate of the Egyptian pound meant we were not able to compete with China, India or Turkey,” he expands.

After devaluation, exports became more competitive, and Egypt is now one of the cheapest countries worldwide, he adds, which in turn has led to industry leaders re-investing in Egyptian infrastructure and manufacturing. Indeed, the company has recently invested heavily in Egyptian industry.

The company has partnered with EDF France to build two 100MW solar plants, under the feed-in-tariff (FiT) scheme, with $150m funding from the European Bank for Reconstruction and Development (EBRD). Launched in 2015, the FiT hopes to produce 4,300MW from wind and solar farms by procuring an eventual $7bn in investment.