Representatives of KK Power International of the United Arab Emirates and Australian Fortescue Future Industries (FFI) have expressed their desire to invest in renewable energy and green hydrogen in Egypt in the coming period.
Moataz Kandil, regional director of FFI in the Middle East and North Africa, said that the legislation and regulations governing green energy investment in Egypt have helped achieve a major jump in green energy projects. clean energy in Egypt, and the company is looking to cooperate and invest in renewable energy projects and green hydrogen production.
He underscored the importance of exchanging visions in the coming period in view of Egypt’s hosting of the 27e Conference of Parties (COP27) next November, especially since Egypt is one of the attractive destinations for foreign and Arab investment, thanks to efforts that have led to a tangible improvement in the investment climate in Egypt.
Taj El-Din Seif, Chairman of KK Power, expressed his aspiration to strengthen bilateral cooperation with Egypt in the fields of renewable energy, green hydrogen and green ammonia.
He pointed out that the direction of the government in the coming period includes opening the way for private companies to implement green projects in conjunction with the organization of the upcoming climate summit in Sharm el-Sheikh.
This happened during a meeting of representatives of Emirati and Australian companies with Mohamed Shaker, Minister of Electricity, as part of Egypt’s desire to strengthen cooperation and exchange experiences in all areas, and to attract and encourage investment in Egypt, especially private sector participation in various power sector projects.
Minister Shaker affirmed that the electricity sector enjoys unprecedented support from political leaders, who have placed the issue of electric power at the top of their priorities as it is the main pillar of development in various areas of economic and social life, and consider securing the electricity supply a matter of national security.
He highlighted the great challenges that Egypt faced in supplying energy to the local market during an earlier stage. In a context of political stability, Egypt has been able to adopt a number of reform measures and policies in the energy sector under a new strategy that guarantees security of supply, sustainability and rational management.
The Minister indicated that many measures have been taken to encourage private sector participation in new and renewable energy projects, in which Egypt benefits from a net wealth of its sources, which mainly include wind energy. and solar. This area reflects the Egyptian state’s commitment to renewable energy projects.