News

Saudi Arabia to Invest $US 100 million in Egypt for Solar Energy Projects

Saudi Arabia to Invest $US 100 million in Egypt for Solar Energy Projects

Fawaz Al-Hokair Saudi group is planning to allocate $US 100 million for solar energy projects in Egypt in 2017, according to Al-Borsa news.

General Manager of Fas energy, a firm that belongs to Al-Hokair group, Sabry Asfour stated that they obtained the approval of the Egyptian cabinet to launch a solar power plant in Aswan with a capacity of 50 megawatts.

Asfour added that Al-Hokair group will provide 85 percent of the funding of the project, and will take a loan from one of the Egyptian banks to cover the other 15 percent.

Saudi Fas is one of three companies whose financial modules have been approved by the Egyptian cabinet to launch a number of solar energy plants in Egypt with a total capacity of 150 megawatts.

In March, Minister of International Cooperation and Investments Sahar Nasr announced that Al-Hokair group had considered new investments in Egypt.

Nasr further added that Al-Hokair group is planning to establish three new malls in the new administrative capital.

Egypt Ranks 19 in FIFA Monthly Rankings after Years of Absence from Top 20
Egyptians Outraged as Judge Comforts a 'Repentant' Rapist in Court Instead of Pursuing Justice

Subscribe to our newsletter


News

More in News

Government Launches Local Goods Website to Boost Consumer Spending

Nadia SalemAugust 3, 2020
Ramy Youssef. Image courtesy of @Ramy on Instagram.

Egyptian-American Series Ramy Snags Three Emmy Nominations

Noran Alaa MorsiJuly 29, 2020

Anti-Harassment Egyptian Instagram Account Assault Police Forced Into Silence Due to Threats

Egyptian StreetsJuly 29, 2020

Two TikTok Influencers Sentenced to Two Years in Prison for Violating Family Principles

Egyptian StreetsJuly 27, 2020

Egyptian Racists Sentenced to Two Years Imprisonment for Bullying 14-Year-Old Sudanese Boy

Egyptian StreetsJuly 27, 2020

COVID-19 Deaths Edge Closer to 5,000 in Egypt: Ministry of Health

Egyptian StreetsJuly 26, 2020

Egyptian Female Students at Higher Institute of Cinema Speak Out Against Sexual Harassment

Egyptian StreetsJuly 25, 2020

5 Things to Know About Egypt’s Upcoming Senate Elections

Amina ZaineldineJuly 24, 2020