The General Authority for the Golden Triangle Economic Zone and El Sewedy agree to develop an industrial zone in Safaga.

In a strategic move that reflects the state's commitment to promoting development in Upper Egypt and enabling industrial sectors to expand, the General Authority for the Golden Triangle Economic Zone signed a memorandum of understanding with Elsewedy Electric to establish and develop an integrated and sustainable industrial and logistics zone in the Safaga Industrial Zone within the Golden Triangle Economic Zone in the Red Sea Governorate.
The memorandum was signed today, August 11, 2025, by Eng. Mohamed Abadi, Chairman of the General Authority for the Golden Triangle Economic Zone, and Eng. Ahmed Elsewedy, CEO and Managing Director of Elsewedy Electric. The signing was attended by Mr. Mohamed Aboul Gheit, Vice Chairman of the Authority; Eng. Mohamed El Kammah, CEO of Elsewedy Industrial Development Company; Mr. Mohamed Mostafa, Head of the Financial Sector; Eng. Tarek El Hawary, Managing Director of TAQA Gas; and Eng. Sami Abdel Qader, Managing Director of Electricity Power.
The memorandum stipulates the establishment of a joint-stock company between the two parties to undertake the project's implementation in two equal phases, with the goal of establishing an integrated industrial zone. The new zone is expected to contribute to attracting local and foreign investments and creating thousands of job opportunities.
Under the Memorandum of Understanding, the General Authority for the Golden Triangle Economic Zone granted the project company the right to implement all phases of construction, development, management, and operation of the designated zone through companies with expertise in the field, which will be agreed upon later.
It is worth noting that at the beginning of this year, Arab Energy signed a cooperation protocol with the General Authority for the Golden Triangle Economic Zone to implement infrastructure serving the industrial zone to ensure sustainable development.
In this context, Engineer Mohamed Obaidi stated that the Golden Triangle Economic Zone is a massive national project that supports sustainability in the fields of industrial, mining, agricultural, and logistics development, and prioritizes investment in human capital. He pointed out that the goal is to realize the dream of development through the implementation of the public-private partnership (PPP) system, which aims to ease the burden on the general budget.
He added that the Safaga Industrial Zone represents an integrated industrial and logistics platform, and that the contract with Elsewedy aims to provide an integrated system of modern infrastructure and logistics facilities capable of supporting export activities to regional and international markets.
For his part, Engineer Ahmed Elsewedy said that this project is a natural extension of Elsewedy's vision for industrial development to create an advanced industrial infrastructure that keeps pace with the future and contributes to empowering the national economy by supporting supply chains, increasing exports, and achieving balanced regional development. He also emphasized that this partnership is committed to developing a smart industrial zone that provides a stimulating business environment for investors and creates sustainable job opportunities for future generations. Commenting on the signing of the agreement between Elsewedy and the Golden Triangle Economic Zone, Ms. Pakinam Kafafi, CEO of TAQA Arabia, expressed her pride in this partnership, saying: “This cooperation represents a significant step towards achieving sustainable and comprehensive development in the Golden Triangle region, transforming the economic zone into a world-class investment hub. We will work with all our energy to provide integrated solutions to develop the infrastructure and enhance the attractiveness of the region, based on our experience spanning more than two decades.”