Egypt signs $33 billion green ammonia deals at Egypt-EU investment conference

During the Egypt-EU Investment Conference held in Cairo, Egypt secured investments worth almost $33 billion in four green ammonia projects.

Prime Minister Mostafa Madbouly oversaw the signing of agreements between the Sovereign Fund of Egypt (TSFE) and European developers, signaling growing international interest in Egypt’s green energy sector.

The agreements, involving key ministers and officials, set out a framework for the development of green ammonia projects in the Suez Canal Economic Zone (SCZone), in particular Port Said East and the Port of Sokhna.

The largest contract worth $14 billion was signed with British Petroleum (BP), Masdar, Hassan Allam Utilities and Infinity Power Holding for a project in the Sokhna port. Another significant contract worth $11 billion was signed with DAI Infrastructure for a project in eastern Port Said.

The signatories were Nader Zaki, regional president for the Middle East and North Africa at BP, Andreas Bieringer, director of business development and hydrogen trading at MASDAR, Karim Hefzy, CEO of Hassan Allam Utilities and Mohamed Ismail Mansour, CEO of Infinity Power Holding.

Two additional agreements were signed with OCIOR Energy and the TAQA Arabia and Voltalia consortium, both for projects in the Sokhna port, with an investment value of USD 4.25 billion and USD 3.46 billion, respectively.

Signatures were given by Khaled Abu Bakr, Chairman of TAQA Arabia, Pakinam Kafafi, CEO of TAQA Arabia, as well as Karim El-Azzawi, Regional Director of Voltalia and Angela Africano, Head of Special Projects at Voltalia.

Another agreement, worth $11 billion, was signed with DAI Infrastructure to establish a green ammonia project in East Port Said. It was signed by Mourad Sami, DAI Infrastructure’s representative in Cairo.

Waleid Gamal El-Din, Chairman of SCZone, emphasized the confidence these investments inspire in the Egyptian economy and the attractiveness of SCZone’s investment incentives. Ayman Soliman, CEO of TSFE, emphasized the fund’s commitment to promoting Egypt as a regional green energy center through collaboration with international players in the renewable energy sector.

These agreements are in line with the Egyptian government’s recent investment incentive packages and its ambition to position the country as a leader in green energy production. The projects are expected to significantly contribute to Egypt’s renewable energy goals and energy sector decarbonization efforts.

The signing ceremony was attended by Mohamed Shaker, Minister of Electricity and Renewable Energy, and Hala El-Said, Minister of Planning and Economic Development.