28 Aug 2022

The Prime Minister witnessed the signing of 7 new MoUs (Memorandum of Understanding) for the establishment of green hydrogen production industrial complexes in Ain Sokhna, part of the SCZone (Suez Canal Economic Zone). The agreements were signed with leading specialized international companies, including:

- Indian ACME (investing USD13bn to produce 2.2mn tons/yr of green hydrogen)

- British Globeleq (investing USD11bn to produce 2mn tons/yr of green hydrogen)

- Saudi al-Fanar (investing USD4bn to produce 500k tons/yr of green fuel)

- UAE’s Alcazar Energy (investing USD2bn to produce 230k tons/yr of green fuel)

- British Actis (investing USD1.5bn to produce 200k tons/yr of green fuel)

- American Egypt-based Mediterranean Energy Partners MEP (investing USD250mn to produce 120k tons/yr of green ammonia)

- UAE’s K & K (investing an undisclosed amount to produce 230k tons/yr of green hydrogen)

Previously, there were deals also signed with Norwegian Scatec, Fortescue Future Industries, Maersk, French EDF, French Total Energies, Belgian Demi, and UAE’s EMEA.

This flurry of activity comes as part of the Egyptian government’s expedited policy direction to become a regional and global hub for green hydrogen production, with the agreements set to be activated during the upcoming COP global climate summit hosted in the Red Sea coastal city of Sharm el-Sheikh. Egypt is pioneering the region’s drive towards the green transition with ambitious environmental and climate preservation goals. (Sources: SCZone (English), State Information Service, Reuters (English), Zawya (English) (Arabic), al-Ahram (English) (Arabic), Egypt Today (English), Renewables Now (English), Arab News (English), al-Maal, Mubasher, Amwal al-Ghad, al-Borsa, Economy Plus, al-Youm al-Saabe, al-Shurouk, Sada el-Balad, al-Taqa, al-Sharq Business, CNBC Arabia, al-Ain, al-Arabiya, Sky News Arabia, Xinhua)