Elsewedy Cables KSA, has signed an agreement with the Royal Commission for Jubail and Yanbu (RCJY) in Saudi Arabia to establish a new Special Cables factory and Copper Rod factory in Yanbu Industrial City. The investment for this project amounts to SAR 1.2 billion.
This move is in line with Saudi Arabia's Vision 2030, which aims to diversify the economy and reduce reliance on oil exports. The project will also help to meet the growing demand for cables and other electrical products in the kingdom.
The new factories will be located on two land plots allocated by the RCJY in Yanbu Industrial City. The Special cables factory will produce a wide range of cables for use in various industries, including construction, power generation, and oil and gas. Meanwhile the Copper Rod factory will produce copper rods, which are used as raw materials in the production of various electrical products, such as cables, wires, and transformers.
The project is expected to be completed within two years and will create hundreds of new jobs. It is also expected to contribute to the development of Yanbu Industrial City and the local economy.