UAE-based leading renewable energy firm, Masdar, and the investment and development arm of Hassan Allam Holding Group, Hassan Allam Utilities have signed two Memorandums of Understanding with leading Egyptian state-backed organizations to cooperate on the development of green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.
According to the statement, the Egyptian organizations concerned include the New and Renewable Energy Authority, the Egyptian Electricity Transmission Company, The Sovereign Fund of Egypt, and The General Authority for the Suez Canal Economic Zone.
Mr. Mostafa Kamal Madbouly, Prime Minister of the Arab Republic of Egypt stressed that the state is working to encourage investment in green energy projects, due to Egypt’s potential to become an important pivotal and regional hub in this vital sector, which is expected to transform the global energy system during the upcoming period. These projects will also accelerate the energy transition process in the region.
Dr. Sultan bin Ahmed Al Jaber UAE Minister – Industry & Advanced Technology Chairman – Masdar
“Today’s partnership agreements to explore the development of green hydrogen production demonstrate the strength of the close relationship between The United Arab Emirates and the Arab Republic of Egypt. These projects will build on the UAE’s and Masdar’s position as an early mover in the global hydrogen market and expand our capacity to deliver zero-carbon energy solutions. As our two countries prepare to host the next two COPs, we look forward to working with our partners in Egypt to make practical advances in the energy transition that will provide significant benefits for the economy and the climate.”
Dr. Mohamed Shaker El-Markabi, Minister of Electricity and Renewable Energy in Egypt, confirmed that signing the two memorandums of understanding supports Egypt’s vision of expanding renewable and clean energy projects.
Dr. El-Markabi further added that the national strategy for the energy mix is currently under review to include green hydrogen, in preparation for its launch during the coming period.
“In the first phase of the project, Hassan Allam Utilities and Masdar aim to establish a green hydrogen manufacturing facility, which would be operational by 2026, producing 100,000 tonnes of e-methanol annually for bunkering in the Suez Canal. The electrolyzer facilities in the Suez Canal Economic Zone and on the Mediterranean could be extended to up to 4 GW by 2030 to produce 2.3 million tonnes of green ammonia for export as well as supply green hydrogen for local industries,” commented Mr. Amr Allam, Chief Executive Officer of Hassan Allam Holding.
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