PM approves AMEA Power renewable energy projects

The Council of Ministers has approved a proposal submitted by AMEA Power, a subsidiary of the Al Nowais Group in the United Arab Emirates, to develop additional renewable energy projects before summer 2025.

These projects include the addition of 500 megawatts of solar power following the completion of the ongoing Abydos Solar Power project, which currently has a capacity of 500 megawatts. In addition, there will be an increase of 1,500 megawatts (combined solar and wind) connected to the national grid. This will follow the completion of an additional 1,000 megawatt solar power project and the ongoing 500 megawatt Amunet Wind Power project, along with the implementation of a battery storage system. The total planned capacity to be added from AMEA Power projects before the summer of 2025 will reach 2,000 megawatts, including battery storage systems.

In addition, the Cabinet approved a bill extending the provisions of Law No. 79 of 2016 on the resolution of tax disputes. The bill aims to reduce the number of tax disputes, speed up their resolution and ease the financial burden on taxpayers. It ensures the stability of their tax and financial position in the face of the current global economic conditions. The bill continues the approach taken by the Ministry of Finance to establish a tax policy that balances the rights of the state treasury with the rights of taxpayers, thus contributing to the growth of production and investment.

The draft law states: “The renewal of the provisions and procedures set out in Law No. 79/2016 on the settlement of tax disputes, as amended by Laws No. 14/2018, 174/2018, 16/2020, 173/2020 and 153/2022, until the end of January 2025. This allows taxpayers to submit applications for the settlement of tax disputes pending before tax appeal boards and courts at all levels. It also states that the boards established under Law No. 79/2016 will continue to consider applications that have not been resolved, as well as new applications filed under this law, until the end of January 2025.”

In addition, the Cabinet approved the draft decision of the President of the Republic on the financing agreement provided by the African Development Bank. This agreement aims to contribute to the financing of the first phase of the programme supporting private sector development and economic diversification as part of the budget support. The overarching development objective of the programme is to increase private sector growth by improving the business environment and diversifying sources of green growth.

In addition, the Council of Ministers approved the draft decision on Egypt’s subscription to 19,917 shares in the African Development Bank, worth a total of $17.04 million, in accordance with the SRT share transfer rules.

Finally, the Cabinet approved President Al-Sisi’s draft decision to allocate several plots of state land in North Sinai to the Public Authority for Land and Dry Ports. This move is in line with President Al-Sisi’s directives to establish logistics zones, making Egypt a global trade and logistics hub. The plots allocated include 5,998 feddans in Rafah, 5,122 feddans in Al-Aouja, 6,026 feddans in Al-Hasana, and a plot of 6,000 feddans in Bir Al-Abd.

In addition, the Cabinet approved President Al-Sisi’s draft decision on the allocation of 2.65 feddan (equivalent to 11,142 square meters) of state land in Hagar Al-Adaimah in Esna. This allocation is specifically intended for the establishment of cemeteries for Muslims and will be supervised by the Luxor Governorate.