Egypt signs four agreements worth $33 billion to establish green ammonia projects in the Gaza Strip

Cairo – June 30, 2024: Egypt secured deals worth $33 billion for 4 green ammonia projects during the second day of the Egypt-EU Investment Conference, highlighting the growing number of green ammonia projects in the Suez Canal Economic Zone (SCZone), with Premier Mostafa Madbouuu participates in the signing of several agreements with European partners.

The agreements between the Sovereign Fund of Egypt (TSFE) and European developers aim to strengthen renewable energy infrastructure in Egypt, the cabinet explained in a statement on Sunday.

Chairman of the Sovereign Fund of Egypt, Ayman Soliman, emphasized the fund’s commitment to promoting Egypt as a regional green energy center through cooperation with international players in the renewable energy sector.

The largest contract, worth $14 billion, concerns the Sokhna port project involving British Petroleum (BP), Masdar, Hassan Allam Utilities and Infinity Power Holding.

The Prime Minister also witnessed the signing of an agreement with DAI Infrastructure to establish the $11 billion green ammonia project in East Port Said.

Other deals include OCIOR Energy, with an investment of $4.25 billion to establish a green ammonia project to be delivered to European markets, while the TAQA Arabia and Voltalia consortium has committed to invest $3.46 billion to build a green ammonia project ammonia in the port of Sokhna.

The agreements reflect growing international confidence in Egypt’s economy and underline the attractiveness of SCZone as an investment destination, explained Walid Gamal El-Din, chairman of SCZone. The projects are in line with Egypt’s ambitious renewable energy goals and underline its commitment to sustainable economic growth.