Elsewedy, Huawei cooperate in solar power projects

CAIRO – 6 September 2017: Egypt’s leading electronic products provider Elsewedy Electric signed a memorandum of understanding (MoU) Wednesday with Huawei to promote their products and services of photovoltaic solar power projects in the Middle East and North Africa (MENA) region.

In a statement to the Egyptian Exchange, Elsewedy said that both companies will cooperate to market developed technologies that can be supplied to solar plants, manufactured by both firms.

The MoU was signed in China’s Shanghai, Elsewedy added.
Elsewedy Electric’s revenues hiked 97 percent to LE 20.65 billion ($1.16 billion) in the first six months of this year. Net profit increased 84.6 percent to LE 3 billion, from LE 1.6 billion in the same period last year.

Higher revenues were driven by the company’s wires and cables and turnkey projects segments, as well as exchanging international and export revenues, denominated by foreign currencies, into local currency, the company said last month.

Elsewedy Electric is a leading wires, cables and integrated energy solution provider in the Middle East and Africa.