A two-day investment conference between Egypt and Europe concluded on Sunday with the signing of deals worth tens of billions of dollars. During the Egypt-EU Investment Conference in Cairo, the Sovereign Fund of Egypt and the Suez Canal Economic Zone (SCZone) secured four agreements totaling approximately $33 billion in green ammonia projects with European and other developers, the Egyptian cabinet said in a statement.
Green ammonia is ammonia produced using renewable energy sources, such as wind, solar, or hydro power, instead of traditional fossil fuels. This process significantly reduces carbon emissions compared to conventional methods. Green ammonia can be used as a clean fuel, in fertilizers, and as a means to store and transport hydrogen, making it a crucial component in efforts to transition to sustainable and environmentally friendly industrial practices.
The first agreement, valued at $11 billion, was signed with Germany’s DAI Infrastruktur GmbH. India’s Ocior Energy secured the second deal worth $4.25 billion. The third agreement, worth $3.46 billion, involved a partnership between Egypt’s TAQA Arabia and France’s Voltalia. The fourth and largest deal, valued at $14 billion, was signed with a consortium including Britain’s BP, the United Arab Emirates’ Masdar, Egypt’s Hassan Allam Utilities, and Infinity Power, a joint venture between Egypt’s Infinity and Masdar.
Waleid Gamaleldien, chairman of the SCZone General Authority, remarked that these agreements highlight the growing interest of international companies in investing in Egypt, reflecting confidence in the Egyptian economy.
These agreements were signed shortly after European Commission President Ursula von der Leyen announced at the conference’s opening that European companies are forming over 20 new deals or memorandums of understanding (MoUs) with Egyptian partners, totaling more than €40 billion (about $42.9 billion).
Amr Saleh, an Egyptian professor of political economy and former World Bank consultant, stated that this Egyptian-European cooperation will enhance sectors such as communications, energy, digital transformation, transportation, modern irrigation, petrochemicals, and food industries. He emphasized that Egypt’s investment agenda aims to attract European investments, which could significantly boost the Egyptian economy.
