With a capital of 500,000 riyal .. «Elsewedy Electric» opens a new company in Saudi Arabia

The Board of Directors of El Sewedy Electric Company decided to establish one or more new companies, owned individually or in partnership with others, in Riyadh, Saudi Arabia, with a capital of 500,000 Saudi riyals, according to the Saudi Companies Law and the Ministry of Investment Law in the Kingdom.

According to a statement from the company, the legal entity of the company will be a joint stock company, a simplified joint stock company, a liability company, a holding company, or any other legal form that is compatible and commensurate with the purpose of the company.

The statement indicated, "The trade name of the new company is according to what is proposed by us or any other proposal by the Ministry of Investment in Saudi Arabia."

The company stated that the headquarters of the new company will be in Riyadh or any other city in the Kingdom.

The Board of Directors of Al-Suwaidi also approved that the activity of the company or new companies be affiliated with the holding companies, or to invest the funds of the subsidiaries of the holding companies, or to own real estate and movables necessary for the holding companies, or to provide loans, guarantees and financing to the subsidiaries of the holding companies, or to own industrial property rights for the subsidiaries. Holding companies, or leasing industrial property rights to subsidiaries of holding companies.

El Sewedy Electric operates in the field of providing integrated energy solutions in Africa and the Middle East, and the company includes all areas of conventional and renewable energy along with related services, and it is one of the largest manufacturers in the world of cables and meters.

It is noteworthy that Elsewedy Electric, known as Elsewedy Cables, is an Egyptian company working in the field of electrical appliances that is managed and owned by the Elsewedy family. It is the mother company of a number of subsidiaries in specialized fields around the world. Today, it is one of the largest manufacturers of electronic components in Africa and the Middle East, with annual sales of nearly $3 billion.

The company owns a group of subsidiaries such as El Sewedy Information Technology, El Sewedy for Facilities Management and Security Services, El Sewedy Environmental Solutions, El Araby for Electrical Industries, Market Egypt for Malls, United Industries - Egypt, National Metal Extrusion and Manufacturing, El Sewedy Power, El Sewedy Transformers, El Sewedy Turbine Blades Wind, Egyptian Advanced Industries, SLB Logistics Properties, International Cables.