
Elsewedy Electric expands into Europe with landmark power project in Hungary
Located in Visonta, the plant will be developed in partnership with Status KPRIA Zrt. and West Hungária Bau Kft. (WHB) to modernize Hungary's energy infrastructure. Scheduled for completion by 2028, it will be the country's first hydrogen-ready facility, capable of integrating up to 30% hydrogen into its fuel mix, supporting Hungary's transition to cleaner energy sources.
The contract was signed in the presence of high-ranking officials, including Hungary's Energy Minister, Egypt's Ambassador to Hungary, and Elsewedy Electric President and CEO Ahmed Elsewedy. Ahmed Elsewedy emphasized that the project aligns with the company's mission to provide long-term energy solutions worldwide. Wael Hamdy, Elsewedy Electric's Group SVP & E&C CEO, highlighted the company's expertise in large-scale infrastructure and sustainability-focused initiatives.
Lőrinc Mészáros, owner of Mészáros Group, underscored the project's role in strengthening Hungary's energy security through high-efficiency technologies and green hydrogen integration. Abdelaziz El Gamal, GM for CIS & Balkans at Elsewedy Electric, noted that this achievement reflects the company's ability to expand into new markets while delivering reliable, high-quality energy infrastructure.
By partnering with MVM and local firms, Elsewedy Electric not only strengthens its European footprint but also reinforces its commitment to sustainable energy solutions. The Visonta CCPP is expected to enhance Hungary's electricity capacity while paving the way for future expansion across the continent.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


See - Sada Elbalad
16 hours ago
- See - Sada Elbalad
SCZone Delegation Taps Chinese Manufacturers to Boost Local Industry
Taarek Refaat A high-level delegation from Egypt's General Authority for the Suez Canal Economic Zone (SCZONE), led by Chairman Waleid Gamal El-Dien, continued its investment promotion tour across China by visiting Zhejiang Province to deepen industrial cooperation, particularly in the automotive and green energy sectors. This initiative aims to localize key manufacturing industries in Egypt, increase export capacity, and support the country's strategy to become a hub for electric vehicle and renewable energy production. The delegation kicked off the third day of the tour in Ninghai, where they visited the headquarters of KIBING Group, the world's second-largest producer of flat glass and the third-largest manufacturer of solar panel glass. Gamal El-Dien revealed that KIBING is set to establish the region's largest solar glass factory in the Ain Sokhna Integrated Zone, under SCZONE. The plant will span 800,000 square meters, with an expected investment of $685 million, creating up to 3,000 direct jobs upon full operation. Approximately 80% of the plant's output will be exported, primarily to European and American markets, with the remaining 20% allocated to the domestic Egyptian market, a share that could increase based on local demand. The factory is expected to rely on Egyptian silica sand as a key input, contributing to the localization of the green energy industry. Coordination is underway with national authorities to secure energy and infrastructure needs for the project. The delegation also visited Lynk & Co, an advanced vehicle manufacturing facility operated by Zhejiang Geely Holding in partnership with Sweden's Volvo. The visit focused on understanding cutting-edge automotive production processes and identifying investment requirements such as land, utilities, workforce needs, and technological transfer, core to Egypt's strategy of building a strong local auto industry. Later in the day, the SCZONE team participated in a high-level roundtable organized by the Ningbo Foreign Affairs Office, with participation from senior officials including Yi Qijun, Director General for Europe and Africa Cooperation. The session brought together six of China's leading auto parts manufacturers, including: Joyson (electronics, safety systems, displays), Minth Group (structural components, plastics; operates in the US, Mexico, Japan, Germany), Tuopu Group, Jifeng Co. (seating and interior systems), Ruitai (suspension and steering), Wuhan Auto. Discussions centered on the potential for localizing auto parts manufacturing within SCZONE, viewed as essential for supporting a full-fledged automotive production ecosystem. During the session, Waleid Gamal El-Dien gave a comprehensive presentation highlighting SCZONE's strategic geographic position, integrated industrial-port infrastructure, and access to major global markets through free trade agreements. He emphasized Egypt's long-term goal: to position the country as a regional base for advanced and electric vehicle manufacturing and a critical supplier in global automotive and energy value chains. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks


Egypt Independent
a day ago
- Egypt Independent
Both targets of Trump's tariffs, the EU and China still can't get along
Hong Kong CNN — As the two biggest economic targets in Donald Trump's trade war, some analysts thought the European Union and China could move closer together and stake out common ground. But a summit between the two sides in Beijing on Thursday is instead expected to showcase the deep-seated frictions and mistrust that are widening a rift between the two heavyweights. European Council President Antonio Costa and European Commission President Ursula von der Leyen are set to meet Chinese leader Xi Jinping and hold summit talks with Chinese Premier Li Qiang in Beijing. The meeting comes as both countries have faced heightened tariffs on their exports to the US – with uncertainties in US trade relations driving Beijing to look to tighten ties with the EU and other major economies. But a list of grievances between the two sides are setting that goal out of reach. The EU was far from shy about its concerns in the lead up to the summit. Officials in recent weeks have reiterated their long-standing concerns over what they say are inexpensive Chinese goods 'flooding' European markets, raised alarms about Beijing's move to squeeze the rare earths supply chain, and decried its ongoing backing for Russia as it wages war in Ukraine. Beijing has lashed out against those concerns, including the 27-member bloc's move last year to raise tariffs on its electric vehicles, launching a range of its own trade probes in apparent retaliation. European Commission President Ursula von der Leyen shakes hands with Chinese leader Xi Jinping after holding a trilateral meeting including French President Emmanuel Macron in Paris in May, 2024. Christian Liewig/Corbis/Getty Images After the EU last month announced it was barring Chinese companies from participating in public tenders for medical devices over a certain value, Beijing hit back with its own curbs on government purchases of Europe-made devices. On Monday, China's Ministry of Commerce slammed the EU decision to include two Chinese banks and a handful of other firms in its latest sanctions against Russia over its invasion of Ukraine. It claimed the move would have a 'severely negative impact on China-EU economic and trade relations.' China's Commerce Minister Wang Wentao lodged solemn representations — diplomatic speak for formally expressing serious discontent — over the sanctions in a video call with EU trade chief Maros Sefcovic on Tuesday. The two officials had 'candid and in-depth' discussions on China-EU economic and trade cooperation and key issues of concern, the Chinese Commerce Ministry said in a statement. All this sets the stage for a contentious summit, ostensibly meant to celebrate 50 years of relations, that's already been whittled from a planned two days to a single-day event. 'We should expect a very difficult moment and not a deal making moment,' said Abigaël Vasselier, head of the Foreign Relations team at MERICS think tank in Germany, during a media briefing this week. And in some ways that mirrors frictions between the China and the US, she added: 'China has created leverage over Europe, has gone into a tit-for-tat escalation with Europe, and has linked all issues. You could almost say this looks like a Trump playbook used by China on Europe.' The US effect Trump's trade war – and his negotiations with both major economies – is also casting a long shadow over the summit. There were signs earlier this year that Beijing hoped shared adversity in the face of tariff threats from the US could push China and Europe together. And earlier this month, Beijing granted a reprieve for Europe's major cognac makers following an anti-dumping probe widely seen as retaliation for the bloc's imposition of up to 45% tariffs on its electric vehicles last year. But in separate addresses to G7 leaders and European lawmakers in recent weeks, von der Leyen made clear the bloc's deep concerns about Beijing had been unresolved. 'China is using this quasi-monopoly (on rare earths) not only as a bargaining chip, but also weaponizing it to undermine competitors in key industries,' she said to G7 leaders meeting in Canada in June. Beijing has extensive control over supply chains for these critical minerals key in everything from EV batteries and cell phones to fighter jets and roiled global manufacturing after placing export controls on some such minerals amid its trade spat with the US. China agreed during a truce with the US in June to ease these controls. Von der Leyen also called for unified G7 action to pressure Beijing as it 'floods global markets with subsidized overcapacity that its own market cannot absorb.' Miners are seen at the Bayan Obo mine containing rare earth minerals, in China's Inner Mongolia in 2011. Reuters While von der Leyen has long been hawkish on Beijing, voices in China have seen her as pandering to the US to ease trade frictions – and are watching closely for signs that a potential US-EU trade deal could target their economy. But China's leaders are also joining this week's summit in what they see as a relatively strong position relative to the EU when it comes the US talks. Beijing sees its decision to play hardball with the US, by raising tit-for-tat levies and then showing the power of its rare earths leverage, as paying off – bringing the US to the negotiating table twice and resulting with an agreement for a trade framework. Even as frictions remain – including China's purchases of Russian oil and Washington's elevated tariffs on Chinese goods – Beijing has already chalked wins, like the announced resumption of sales of Nvidia's H20 AI chips to China, in a reversal of an April US export ban. The EU, meanwhile, is scrambling ahead of an August 1 deadline to cut a deal with the US to avert heavy tariffs – and may see more at stake than their Chinese counterparts. 'The worst-case scenario would be for Europe to find itself in a two-front trade war with the US and China at a time when Trump is pressing for some sort of Faustian bargain with Beijing,' said Noah Barkin, a Berlin-based visiting senior fellow at the German Marshall Fund of the United States think tank. 'Rebalance'? With this backdrop, chances for any concrete outcomes appear low to observers on both sides, who instead stress that dialogue can be a form of progress in itself. Europe has been clear that it doesn't want to cut ties with China, but rather 'rebalance' its economic relationship, which saw a more than 300 billion Euro deficit last year. It also aims to 'derisk' its supply chains, and work together with China on shared global issues like climate change – a potential area of agreement this week. But experts say a key hold-up for Europe has been a sense that Beijing is unmoved by Brussels' core concerns. 'We haven't had an EU-China summit that produced real deliverables for many years and this one won't be any different. That is a reflection of Beijing's refusal to address the EU's two biggest concerns: an increasingly imbalanced economic relationship that poses a growing threat to European industry and China's ongoing support for Russia,' said Barkin. China has rejected Europe's concerns about industrial overcapacity leading to a flood of exports as baseless, with one state media outlet recently saying that instead of 'rebalancing trade,' Europe to 'needs to recalibrate its mentality.' BYD electric cars at a vehicle presentation event in Berlin this May. Annegret Hilse/Reuters Instead, Beijing is expected to continue to push for setting minimum prices of Chinese-made EVs in Europe instead of tariffs, as well as unfettered access to European technology and markets. And even as Russia ramps up its assault on Kyiv, Beijing is unlikely to give any sign of a shift in that position on Moscow, its close partner. Chinese Foreign Minister Wang Yi reportedly told the European Union's top diplomat earlier this month that Beijing can't accept Russia losing its war against Ukraine as this could allow the United States to turn its full attention to China. China has long claimed neutrality in the war and defended its 'normal trade' with Russia, while ramping up purchases of its oil and shipping goods Western leaders say power Russia's defense industry. But observers in China still feel there's room for collaboration as the two sides sit down on Thursday. 'To solve challenges from climate change to AI and global conflicts, the European Union needs China, and China needs the European Union,' according to Wang Yiwei, director of the Institute of International Affairs at Renmin University in Beijing. Alluding to the view that the EU can be a counterweight for China against US frictions and a partner in promoting globalization, he added: 'If China and the European Union seek win-win cooperation, the so-called new Cold War cannot prevail.'


Mid East Info
2 days ago
- Mid East Info
HE Dr. Thani Al Zeyoudi Meets EU Trade Commissioner Maroš Šefčovič in Brussels to Strengthen Bilateral Relations
UAE-EU bilateral non-oil trade in 2024 reached US$67 billion, which represents a growth of 2.4% compared to 2023. The EU is the second-largest trade partner of the UAE, accounting for 8.3% of total UAE non-oil trade in 2024. HE Al Zeyoudi: ' Our continued dialogue with the EU is essential in navigating the evolving global trade landscape. The European Union is a highly valued trade and investment partner for the UAE, with ties that continue to deepen across a range of sectors .' Brussels, Belgium – July, 2025: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, met with His Excellency Maroš Šefčovič, European Commissioner for Trade, to discuss the strengthening of bilateral relations between the UAE and the European Union. The meeting in Brussels was also an opportunity to review progress on the negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), following the first round of discussions held in June and early July. As UAE-EU bilateral relations continue to strengthen, the UAE-EU CEPA is anticipated to play a vital role in enhancing trade ties, fostering investment opportunities, and driving economic growth between the two parties. Both parties expressed optimism about the progress and potential benefits of the agreement. In 2024, non-oil trade between the UAE and the EU reached US$67 billion, reflecting a 2.4% growth over the previous year. The EU continues to be a significant trade partner for the UAE, accounting for 8.3% of its total non-oil trade. HE Al Zeyoudi remarked, 'Our continued dialogue with the EU is essential in navigating the evolving global trade landscape. The European Union is a highly valued trade and investment partner for the UAE, with ties that continue to deepen across a range of sectors. This growth in trade is aligned with our mutual interests and highlights the importance of collaboration in areas such as energy transition, advanced technology, and food security.' The meeting served as a platform for both parties to discuss strategies for increasing investments in high-growth sectors, including renewable energy and advanced manufacturing. The UAE has already established significant partnerships with EU nations, reinforced by ongoing projects in solar energy and innovative technologies. The UAE delegation to Brussels included His Excellency Mohamed Al Sahlawi, UAE Ambassador to Belgium, the European Union and Luxembourg, and His Excellency Juma Al Kait, Assistant Undersecretary at the UAE Ministry of Foreign Trade. As the UAE continues to diversify its economy, the CEPA program represents a strategic pillar of its foreign trade agenda. By solidifying trade relationships with key partners like the EU, the UAE aims to enhance access to global markets and stimulate sustainable economic development.