Qatar Authority eyeing a $1bn green hydrogen project in Egypt

The Suez Canal Economic Zone (SCZone), which will receive investments totaling more than $1 billion, is the subject of a new investment initiative being looked into by the Qatar Investment Authority.

On the sidelines of the Egyptian delegation’s visit to Qatar last month, close sources claimed that the project consisted of a green ammonia unit with initial features; it is anticipated that the infusion of investments would begin in the near future.

The sources note that numerous initiatives are currently being negotiated with the Qatari side within the scope of renewable and clean energy, and they anticipate that the production of the project will result in ship catering or export at a later time.

A delegation of Qatari businessmen visited Egypt last week with the goal of fostering economic and commercial cooperation and creating joint investments to support the economic development of the two friendly nations within the framework of coordinated action to maximize shared interests and make the best use of available opportunities.

The development axis of the SCZone, which includes a number of significant industrial and logistical areas, offers promising opportunities for Qatari companies looking to take advantage of Egypt’s booming economy. President Abdel Fattah Al-Sisi recently emphasized the positive developments in the economic and trade relations between the two friendly nations.

The Qatar Investment Authority is in advanced talks with Egypt’s sovereign fund about buying shares of Egyptian firms with an emphasis on fintech and renewable energy.

The Qatar Investment Authority is considering purchasing stakes in three or four businesses, including e-finance and Fawry. The first transactions are anticipated to be completed in the coming weeks.

Saudi Sovereign Fund is also in the process of purchasing a stake in Misr Aluminum. The deal is anticipated to be implemented within a few weeks by injecting about $215 million to increase the company’s capital, as well as by acquiring a stake in a newly founded hotel company within two months.