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Monday, 25 February 2019

Australia’s Atoun looking to invest EGP 15 bn in solar power projects in Egypt

INVESTMENT WATCH- Australia’s Atoun looking to invest EGP 15 bn in solar power projects in Egypt: Atoun Energy Australia is looking to build solar power stations worth as much as EGP 15 bn in Wadi El Gedeid governorate, Governor Mohamed El Zamalot told the domestic press. The company has reportedly filed for approval to start the investment program by building a 250 MW solar plant, El Zamalot said. His statements came at the meeting of the Saudi-Egyptian Business Council in Cairo yesterday.

Also from the Saudi-Egyptian Business Council meeting: Saudi FDI in Egypt by the numbers: Saudi investment in Egypt stands at USD 54 bn today, of which some USD 44 bn is FDI by private companies and USD 10 bn via the Saudi Public Investment Fund, deputy head of the Saudi-Egyptian Business Council Abdullah Bin Mahfouz told the local press at the sidelines of the meeting.

He listed off some of the USD 10 bn in recent pledges made by Saudi companies, singling out Saudi interest in our services, manufacturing, construction and real estate, ICT, tourism and banking sectors. Among them: two agreements signed between Arab Petroleum Pipelines Company (SUMED) and Saudi Aramco during this month’s Egypt Petroleum Show worth some USD 2 bn. He also noted Saudi’s ACWA Power and Hassan Allam Holding’s 2.3 GW, USD 2.3 bn Luxor power plant. Other projects noted include:

  • EGP 8 bn-worth of shopping malls in Katameya, Mansoura and Tanta being built by Fawaz AlHokair Group’s Marakez;
  • EGP 5 bn in commitments to medical cities in Sheikh Zayed and Ismailia being built by Batterjee Medical Services;
  • EGP 3 bn-worth of hospitality and tourism projects being built by Golden Pyramids Plaza and subsidiary City Stars Properties, including Fairmont Sharm El Sheikh, City Stars North Coast and City Stars Sharm El Sheikh. The companies are owned by the Saudi Sharbatli family.

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