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Schneider Electric drove up Egypt'sinvestments to EUR315mln

Wednesday 30 January 2019 11:45 AM

Schneider Electric
Schneider Electric

By Omar Salem
Schneider Electric, a global specialist in energy management and automation, is set to inject EUR35mln into the Egyptian market during 2019, driving up its investments in Egypt to a total of EUR315mln up from EUR280mln a year earlier.
" The new investments will boost the production capacity of Badr City's Schneider Electric factory in order to meet mounting demand on products inclusive of kiosk and electrical supplies," said head of Electric Schneider office in North Africa and Middle East Eng. Walid Sheta.
In statements delivered to Al-Mal newspaper on the sidelines of the French President Emmanuel Macron's visit to Egypt, Sheta predicted the renovation plan to finalize by June, adding that the company exports 30 percent of output to 12 Middle Eastern countries.
Schneider Electric has plans for doubling exports and turning Egypt into a platform serving the Arab and the African countries, he confirmed.
On top of Schneider Electric's contributions to Egyptian national projects in areas as diverse as new urban communities, Zohar gas maritime field, Library of Alexandria and subway lines, a memorandum of Understanding will be signed with Tatweer Misr to build smart cities as well as another one with Ministry of Social Solidarity to supply five Egyptian villages with solar-based generators.
Luc Remont, Executive Vice President of Schneider Electric's International Operations, lauded Egypt's new investment law, describing it as helping prop up the company's expansions.
" While holding talks with the Russian state corporation of Rosatom to get instruments and supplies necessary for building Egypt's first Nuclear generator at Dabaa, SE seeks to take part in modernizing Egypt's electricity projects," said Remont, adding that 60 percent of instruments are produced locally.
"In addition to hiring up to 1300 Egyptian engineers, SE is training technicians and students at the Egyptian universities of Cairo, Helwan and Ain Shams through setting up laboratories and financing multiple training courses."