Egypt signs MoU with Elsewedy Electric for $500M Subsea Cable Factory at Damietta Port

Egypt’s Holding Company for Maritime and Land Transport has signed a Memorandum of Understanding (MoU) with Elsewedy Electric to establish a 500 million dollar subsea cable factory in the newly designated industrial zone at Damietta Port, according to a statement released by the Ministry of Transportation. This facility will be the first of its kind in the region and only the sixth worldwide. Covering 500,000 square meters, the factory will include a 180-meter-high cable manufacturing tower.