In interview with Ahram Online, country managing director for Egypt and North Africa at Hitachi ABB Power Grids, Mohamed Hosseiny, reveals the company’s future plans and investments in Egypt and worldwide.
On Tuesday, Hitachi announced the acquisition of 80.1% of ABB for extended operations in Egypt and the region.
Ahram Online: How do you see business and the investment climate in Egypt?
Mohamed Hosseiny: Some people may be surprised that we’re launching a multi-billion dollar company in these extraordinary times. Actually, we’re convinced that now is the right time for our unique joint venture to start in the Egyptian market. Now more than ever, the world needs innovative energy solutions to address the huge challenges facing society. Only by balancing social, environmental and economic value in harmony can durable progress be made — the basis for our generation and those that follow. And this is why we believe that now is the right time for us, for Hitachi ABB Power Grids.
How do you see the incentives and procedures that the government introduced?
We see a perfect storm; the chance for government, consumers and industry to seize this moment to drive for a greener economic recovery by investing in a sustainable energy future, underpinned by modern infrastructure and power systems.
How do you assess the private sector’s role in the Egyptian economy?
Since 1928, Hitachi has been well-established in Egypt. We have been the partner of choice for our customers and governments in their projects. We are aiming to support the government to transform Egypt into an energy hub for the Africa region.
What are the total investments of Hitachi ABB Power Grids in Egypt?
Globally, we are a $10 billion business (by business volume). Hitachi ABB Power Grids has two state-of-the-art production facilities in Egypt, located in the 10th of Ramadan Industrial Zone. The first has been renowned for manufacturing transformers and has been hugely successful in exporting to more than 30 countries across the MENA region, while the second is a high voltage products factory.
Why is Hitachi ABB Power Grids particularly focused on the Egyptian market?
Egypt acts as a hub for North and West Africa, covering more than 27 countries with branches and representative offices in Morocco and Cote d’Ivoire respectively.
How will the new acquisition (80.1 percent of ABB) benefit the company and Egypt’s efforts in electricity and energy sector development?
The joint venture is aimed at merging Hitachi’s leading open digital technologies with ABB’s world-class power grid solutions, in order to play an active role in the global transformation and decarbonisation of energy. In Egypt, we are focusing on serving four key sectors. The first is the transport sector, serving power-fueled vehicles. The second is the industrial sector. The third is infrastructure and facilities, and the fourth reinforcing the implementation of smart cities. The new giant aims to thrive with green renewable resources.