The UK Ambassador to Cairo, Gareth Bailey, has revealed that a new British company will soon announce its investment in Egypt’s burgeoning green hydrogen sector.
Speaking to Al Arabiya Business, Ambassador Bailey emphasized the growing interest of British firms in Egypt’s renewable energy, transportation, sustainable infrastructure, sustainable cities, and education sectors.
In a recent development, GlobalK, a British company, completed the acquisition of a 48.3% stake in the Wienergy solar photovoltaic power station, a 25-megawatt facility in Egypt.
This acquisition was facilitated through partnerships with Enerray Global Solar Opportunities and Desert Technologies.
The operational station is located within the Benban solar complex near Aswan and is adjacent to GlobalK’s 66-megawatt Ark solar power station.
Ambassador Bailey also commented on the robust recovery of the Egyptian economy, noting significant improvements in dollar liquidity, which he believes will boost investor confidence.
He assured that British tourism to Egypt remains unaffected by recent incidents in the Red Sea.
Additionally, he highlighted the resolution of issues related to the repatriation of profits for British companies in Egypt, stating that the Egyptian government has begun to prioritize this, ensuring smooth financial operations for British enterprises across various economic sectors.
In December 2023, Egypt’s Suez Canal Economic Zone and the Norwegian company Scatec ASA entered into a groundbreaking memorandum of understanding (MoU) valued at $1.1 billion. The deal marked a stride towards the provision of green fuel for maritime vessels.
This development was announced by the Suez Canal Authority of Egypt, highlighting that the agreement was forged on the sidelines of the COP28 in Dubai.
Walid Gamal El-Din, the head of the Suez Canal Economic Zone, and Leo Zixiang, the chairman of China Energy, have inked a framework agreement to establish a project for producing 1.2 million tons of green ammonia and 210,000 tons of green hydrogen annually.
This project, with investments amounting to $6.75 billion, was set to be located in the industrial area of Ain Sokhna, Egypt, covering an area of 500,000 square meters.
