Elsewedy Electric pens land allocation agreement with Chinese Jushi Group

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The expansion is set to create a manufacturing hub within the SCZone

Staff Writer, Arab Finance

December 6, 2023

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Arab Finance: Elsewedy Electric (SWDY) sealed a 60,000-square-meter land allocation deal with the Chinese industrial Jushi Group to extend the latter’s existing fiberglass factory in the Suez Canal Economic Zone (SCZone), as per a statement on December 5th.

The expansion is set to create a manufacturing hub within the SCZone, focusing on sustainable and eco-friendly products for global markets.

The project consists of four production lines with a total investment of $920 million.

It has a production capacity of 350,000 tons annually, and offers around 2,000 job opportunities.

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