Egyptian group Elsewedy Electric and Algeria’s Investment Promotion Agency (AAPI) signed on September 8 a memorandum of understanding for $2.5 billion of investments in Algeria.

The agreement, signed on the sidelines of the Intra-African Trade Fair (IATF) in Algiers, covers the creation of an industrial base focused on electrical industries and renewable energy. It also includes technology transfer, know-how sharing, and the development of electrical infrastructure.

“The announced investment plans are valued at $2.5 billion, five times the company’s current investments in Algeria. They will create a significant number of jobs and help localize new industries,” said Mostafa Awad El Halawani, CEO of Elsewedy Electric Algeria, speaking to state news agency APS.

Elsewedy Electric already operates a subsidiary in Algeria that manufactures cables and electrical transformers for both the domestic market and exports to countries such as Tunisia, Mauritania, Equatorial Guinea, Italy, and Spain.

The group has 34 production sites in 19 countries across Africa and Asia, including Tanzania, Saudi Arabia, Qatar, Indonesia, and Pakistan. Active in five business segments—wires, cables and accessories; electrical products; engineering and construction; digital solutions; and infrastructure investments—Elsewedy Electric employs more than 19,000 people and reported revenues of $5.13 billion in 2024.