Egyptian group, El Sewedy Cables, has reportedly revealed it is due to set up a US$50m cable manufacturing plant in Libya by the end of 2011.
"The plant will generate revenues of 20 per cent (of the investment)" after it begins operation, Ahmed Homossani, Sewedy's investor relations director, was quoted as saying by Reuters.
El Sewedy is the region's biggest listed producer of cables used in power transmission and telecoms and has plants in countries from Egypt to Ethiopia, Nigeria, Saudi Arabia, Algeria and Zambia. It exports to the MENA region as well as Spain, Portugal, eastern Europe and Brazil, and African countries account for 30 per cent of its exports.
El Sewedy has already announced that it would increase output this year and next to meet growing demand. The company plans to increase output by 18.5 per cent to 160,000 tonnes this year, then to 185,000-190,000 tonnes next year.
The company also produces equipment for wind farms and Homossani also revealed plans to produce 300 towers in 2012 at its wind towers plant in Ain Sukhna, Egypt.
