Egypt Attracts Foreign Investment with Green Ammonia Agreements

Recently, Egypt has signed four agreements in the field of green ammonia with European developers during a joint Egyptian-European investment conference in Cairo. The signing ceremony was attended by Prime Minister Dr. Mostafa Madbouly, Minister of Electricity and Renewable Energy Dr. Mohamed Shaker Al-Marqabi, and Minister of Planning and Economic Development Dr. Hala Al-Saeed.

The agreements were signed by various officials including the Chairman of the General Authority for the Suez Canal Economic Zone, the CEO of the Sovereign Fund of Egypt, and the CEO of the New and Renewable Energy Authority.

The first agreement was made with Dai Infrastructure Company to establish a green ammonia project in East Port Said, worth $11 billion. The second agreement involved Oqure Energy and had an investment cost of approximately $4.250 billion for a green ammonia project in Sokhna Port targeting European markets. The third agreement was signed with Taqa Arabia and Voltalia to establish a green ammonia project in Sokhna Port, worth $3.460 billion. The fourth agreement involved companies including British Petroleum and Masdar for a total investment cost of 14 billion dollars to establish a green ammonia project in the port of Sokhna.

These agreements demonstrate a significant step towards maximizing the benefits of investing in Egypt’s new and renewable energy sector as international companies continue to show interest in investing here, boosting confidence in our economy as we promote ourselves as a regional center for clean energy production.

Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone highlighted that there is an increasing demand for green energy across Europe, making it an attractive market opportunity for Egyptian companies to enter into such agreements.

Ayman Soliman, CEO of the Egyptian Sovereign Fund also emphasized that these agreements are evidence that Egypt is working towards becoming more self-sufficient when it comes to its energy needs while reducing its carbon footprint.

Overall, these agreements are crucial steps towards achieving Egypt’s vision for sustainable development while attracting foreign investment into its economy through strategic partnerships with major international players in this sector.