Egypt signed on two memoranda of understanding with UAE renewable energy company Masdar and Hassan Allam Utilities – part of Hassan Allam Holding – to construct plants for green hydrogen production in the country.
Masdar and Hassan Allam will form a strategic alliance to develop green hydrogen production plants in the Suez Canal Economic Zone (SCZone) and on the Mediterranean coast, to produce up to 480,000 tons of green hydrogen annually, according to a statement by the Egyptian Cabinet.
The general authority of the SCZone, the Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority (NREA) also signed the MoUs.
Egypt seeks to encourage global, Arab, and local companies to step into its green energy market, as what went on this signed deal, added the statement.
Madbouly said Egypt is looking forward to enticing foreign investments into green hydrogen production as part of its ambitious plans to become a hub for clean energy to Europe and the whole world.
Egypt has received many offers submitted by international companies to build up green hydrogen projects in the SCZone, where Egypt needs to locate the production of the clean-burning fuel.
The North African country is also exerting efforts to turn its 72-kilometre-long Suez Canal into a “green route,” ahead of its hosting of the 2022 UN Conference of Parties on Climate Change (COP27) in Sharm El-Sheikh this November.
