Saudi Arabia’s Alfanar Global Development invests $532mn in Egypt

Saudi-based Alfanar Global Development, a major provider of EPC solutions for conventional and renewable power plants in the Middle East, has signed agreements worth $532 million with Egypt’s Arab Organization for Industrialization (AOI) and Benya Holding Group.

Alfanar stated that these deals are mainly focused on the localization of technology for renewable energy, and the implementation of IT projects, digital solutions, data centers and cybersecurity. The agreements were signed on the sidelines of the official visit of Saudi Crown Prince Mohammed bin Salman to Egypt this week at the headquarters of the General Authority for Investment and Free Zones (GAFI) in Cairo.

“Alfanar has been present in international markets including the Egyptian market for many years now through our renewable energy projects. In Egypt, we have also contributed towards 50MW at the Benban Solar Park. We look forward to making more investments in Egypt and the wider Africa region.”

Alfanar has gained a growing regional and international reputation by diversifying its portfolio of projects and services globally. It serves businesses across the digital solutions, energy, water, oil and gas, social infrastructure and healthcare sectors through its various divisions and sub-brands.

This deal marks a new addition to projects invested by Saudi Arabia in Egypt bolstering their strategic economic and trade relation. It follows recent signing of agreements worth $7.7 billion by both countries for investment in growth sectors including infrastructure, renewable energy projects, green hydrogen, medicine and eCommerce.

Saudi’s ACWA Power has also recently announced an investment of $1.5 billion to develop and operate a 1.1GW wind project in Egypt.

Related: Saudi Arabia, Egypt sign agreements worth $7.7bn to support growth sectors