Safaga: The General Authority for the Golden Triangle Economic Zone (GTEZ) has entered into a memorandum of understanding with Elsewedy Electric to establish and develop an integrated industrial and logistics zone in the Safaga industrial area of the Red Sea governorate.

According to State Information Service Egypt, the partnership aims to enhance development in Upper Egypt by expanding the industrial sectors. This significant project will be located within the Golden Triangle Economic Zone, underscoring the state's focus on fostering regional growth.

The memorandum outlines the creation of a joint-stock company between GTEZ and Elsewedy Electric to oversee the project's implementation. The planned zone will adhere to international standards and accommodate industries such as mining, engineering, manufacturing, chemicals, and food processing.

The initiative is set to attract both domestic and international investments, generate thousands of job opportunities, and boost Upper Egypt's role in the national industrial landscape. Additionally, Elsewedy Electric has been granted the authority to manage all phases of the zone's development, from construction to operation, in collaboration with other experienced companies to be determined at a later stage.