Today, Tuesday, the Egyptian government announced the signing of an agreement with the Saudi company ACWA Power Company to build the largest wind farm in the Middle East with an investment of $1.5 billion.
A statement released by the Egyptian Cabinet Presidium said that Prime Minister Mostafa Madbouli met with the Chairman of the Board of Directors of ACWA Power, where they referred to “the contract that was signed today with the Ministry of Electricity for the company to invest $1.5 billion to build the largest stations in the Middle East to generate electricity from wind energy.
The Egyptian Prime Minister praised this contract, saying that it will “make a leap in the level of cooperation and the size of the company’s investment in Egypt.”
Egypt and Saudi Arabia signed 14 investment agreements worth $7.7 billion this morning on the sidelines of Saudi Crown Prince Mohammed bin Salman’s visit to Cairo with an accompanying delegation that began on Monday evening.
The volume of Saudi investment in Egypt is over $32 billion and Egypt is looking to attract more investment in the coming period by inviting investors, especially from the Gulf countries, offering special facilities and licenses, and launching a package of projects and investment plans in front of investors.
Source: Egyptian Cabinet.