Dr Sultan Al Jaber discusses investment with Egypt's prime minister

UAE minister met several ministers and officials in Cairo

Dr Sultan Al Jaber with Egyptian Prime Minister Dr Mostafa Madbouly in Cairo. Image: Wam

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, discussed opportunities for co-operation and joint investment during a meeting with Dr Mostafa Madbouly, Prime Minister of Egypt.

The meeting in Cairo touched upon ways to further develop bilateral relations between the two countries, as well as joint co-operation in areas that would strengthen the nations' close historical relations.

Dr Al Jaber said the UAE’s leadership asked him to explore joint investment opportunities in traditional and renewable energy, advanced industries, infrastructure, tourism, agriculture and other areas that contribute to sustainable economic growth.

The meeting was attended by Mariam Al Kaabi, UAE ambassador to Egypt, Omar Al Suwaidi, undersecretary of the Ministry of Industry and Advanced Technology, Mohamed Al Suwaidi, chief executive of ADQ, and Mohamed Al Ramahi, chief executive of Masdar.

Dr Al Jaber also met several ministers and officials in the Egyptian government, including Dr Hala Elsaid, Egypt's Minister of Planning and Economic Development. They discussed business progress and the latest developments in the joint strategic investment fund.

He held another meeting with Dr Mohamed Shaker, Minister of Electricity and Renewable Energy, to discuss opportunities for co-operation, including in wind and solar energy, and to find opportunities for sustainable joint investments.

Earlier, Masdar, Abu Dhabi's renewable energy company, and Hassan Allam Utilities signed two preliminary agreements with Egyptian state-backed organisations to co-operate on developing green hydrogen production plants in the Suez Canal Economic Zone and the Mediterranean coast.

“In the first phase of the project, Hassan Allam Utilities and Masdar aim to establish a green hydrogen manufacturing facility, which would be operational by 2026, producing 100,000 tonnes of e-methanol annually for bunkering in the Suez Canal,” said Amr Allam, chief executive of Hassan Allam Holding.

“The electrolyser facilities in the Suez Canal Economic Zone and on the Mediterranean could be extended to up to 4GW by 2030 to produce 2.3 million tonnes of green ammonia for export as well as supply green hydrogen for local industries.”

The agreements were signed in the presence of Dr Madbouly and Dr Al Jaber, chairman of Masdar.

Dr Al Jaber said the partnership agreements demonstrated the strength of the close relationship between the UAE and Egypt.

Updated: April 25, 2022, 10:11 AM
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