Abu Dhabi Future Energy Company, “Masdar”, and “Hassan Allam Utilities Company”, announced yesterday, Sunday, the signing of two memoranda of understanding with the relevant Egyptian authorities to cooperate on the development of green hydrogen production facilities in The economic zone of the Suez Canal and on the Mediterranean coast, and the two companies will form a consortium Strategically to develop plants for the production of green hydrogen in the economic zone of the Suez Canal and on the Mediterranean coast, in various phases extending until 2030, to produce up to 480,000 tons of green hydrogen annually through electrolysers with a capacity of 4 gigawatts.
The two memoranda of understanding were signed in the presence of Dr. Mostafa Kamal Madbouly, Prime Minister of Egypt, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change, Chairman of the Board of “Masdar”, and Dr. Mohamed Shaker Al Marqabi, Minister of Electricity and Renewable Energy of the Arab Republic of Egypt, and Dr. Hala Al-Saeed, Minister of Planning and Economic Development and Chairman of the Board of the Sovereign Egypt Fund.
The signing of the agreements was also attended by Mohamed Jamil Al Ramahi, CEO of “Masdar”, and Amr Allam and Hassan Allam, co-CEOs of “Hassan Allam Holding Company”, which took place with the relevant Egyptian authorities, including ” New and Renewable Energy Authority “and” The Company “. The Egyptian Electricity Transmission Agency, the Egyptian Sovereign Fund and the General Authority for the Economic Zone of the Suez Canal.
On the sidelines of the signing, the Egyptian Prime Minister expressed his delight at this signing with the brothers in the UAE, citing directives from President Abdel Fattah Al-Sisi, President of the Republic, to strengthen and consolidate the cooperative relations with the sisters. UAE in different sectors in a way that contributes to achieving the interests of the two fraternal peoples.
In this context, Drs. Madbouly that the state is working to promote investment in green energy projects, thanks to Egypt’s potential that qualifies it to become an important central and regional center in this vital area. Through the vision and directives of the wise leadership of the United Arab Emirates, we always seek to strengthen relations and fraternal ties with the sister Arab Republic of Egypt. We are pleased to enter into these agreements, which are in this direction and focus on exploring the possibilities of producing green hydrogen. ”
He said: “The United Arab Emirates is one of the first countries in the world to build capacity to take advantage of the potential of green hydrogen and we will work through the Masdar Company to leverage our expertise in this area to support the development of this ambitious project, which we look forward to working with our partners in the sister city of the Arab Republic of Egypt to improve our capabilities to deliver commercially viable CO2-neutral solutions in the energy sector. “
Dr. Mohamed Shaker, Egypt’s Minister of Electricity and Renewable Energy, stressed that the signing of the two memoranda of understanding supports Egypt’s vision to expand renewable and clean energy projects.
Dr. Hala Al-Saeed pointed to Egypt’s abundant resources of solar and wind energy, which would provide an appropriate basis for renewable energy projects at a competitive price.
To achieve carbon neutrality
Mohamed Jamil Al Ramahi, CEO of Masdar, said: “These agreements represent an advanced step in the development of the green hydrogen economy for both the UAE and Egypt and will also play an important role in the two countries’ efforts to achieve carbon neutrality. . “
For his part, Amr Allam, CEO of Hassan Allam Holding Company, said: “Since entering the green energy and sustainable infrastructure sector, which includes solar and wind energy production, we have sought to help build a sustainable future. Through this partnership , which brings us together with Masdar, we look forward to using the latest technologies to take advantage of the abundance of green energy sources in Egypt. “