Egypt secures $33 billion in deals with global firms to manufacture eco-friendly ammonia

Egypt recently signed four agreements in the field of green ammonia with European developers at an investment cost of about 33 billion dollars 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, worth $11 billion, was made with Dai Infrastructure Company to establish a green ammonia project in East Port Said. The second agreement, with Oqure Energy, involves a total investment cost of approximately $4.250 billion for a green ammonia project in Sokhna Port targeting European markets. The third agreement, worth $3.460 billion, was signed with the alliance of “Taqa Arabia” and “Voltalia” to establish a green ammonia project in Sokhna Port. The fourth agreement, with companies including British Petroleum and Masdar, involves a total investment cost of 14 billion dollars to establish a green ammonia project in the port of Sokhna.

Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone, emphasized the growing interest of international companies in investing in Egypt, showcasing confidence in the Egyptian economy. Ayman Soliman, CEO of the Egyptian Sovereign Fund, highlighted efforts to enhance cooperation with major international companies in the new and renewable energy sector, promoting Egypt as a regional center for green energy. The agreements demonstrate a significant step towards maximizing the benefits of the investment advantages in the Suez Canal Economic Zone.