The signing ceremony of the project was attended by seven international developers alongside several government agencies, including the Sovereign Fund of Egypt, the General Authority for the Suez Canal Economic Zone, the New and Renewable Energy Authority, and the Egyptian Electricity Transmission Company.
Notable figures present at the event were Dr. Mohamed Shaker, the Minister of Electricity and Energy, Tarek El Molla, the Minister of Petroleum and Mineral Resources, and Dr. Hala El-Saeed, the Minister of Planning and Economic Development, along with the Chairman of the Board of Directors of the Sovereign Fund of Egypt. The ceremony took place at the Government Headquarters in the New Administrative Capital.
During the signing event, Dr. Hala El-Saeed expressed that the signing of the memorandums of understanding marks a significant milestone for the Fund in its pursuit of establishing investment partnerships with major international companies.
These partnerships aim to establish projects in the field of green hydrogen in the Suez Canal Economic Zone. The event saw 7 developers sign the memorandum of understanding, with expected investments of about $12 billion for the pilot phase and an additional $29 billion for the first phase. This brings the total investment to approximately $40 billion over ten years.
According to El-Saeed, the Fund has accomplished a significant feat by launching the first-ever fully integrated green ammonia production plant in Africa and emerging markets, in partnership with several international companies, several months ago. The signing ceremony that took place today is regarded as the beginning of new investment partnerships and projects, which are expected to contribute to the accomplishment of the National Green Hydrogen Strategy’s objectives.
The Minister of Planning has expressed the Sovereign Fund of Egypt’s intention to promote Egypt as a hub for green energy in the region. The state and its institutions are taking a proactive approach towards stimulating investment in this sector, which is a top priority among the targeted sectors under the investment incentive packages launched by the state in the recent period. This is evident through the decisions of the Supreme Council for Investment last May and the legislation and decisions issued in this field.
