Egypt’s El Sewedy Cables Sees Rising Demand in Asia, Africa
Date: July 20
Source: Bloomberg
El Sewedy Cables Holding Co., the Middle East’s biggest publicly traded maker of power cables, is seeking to sell and invest in Asia and Africa as demand for its products slows in Europe, the company’s chief executive said. The electrical equipment manufacturer is in talks about projects for power generation in Pakistan and wind energy in Turkey, Chief Executive Officer Ahmed El Sewedy said in a July 15 interview. El Sewedy is also considering building plants to produce wind turbines in Brazil and India, he said. “Europe will be flat for the next two to three years, but Asia, Africa and the Middle East will keep on expanding,” El Sewedy said at his headquarters office in Cairo. In the wake of the global financial crisis, “we are trying to secure other markets, to see where we can fit,” he said.