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

Outrage After British Airways Suspends All Cairo Flights

Egyptian StreetsJuly 20, 2019

Aswan’s Philae Island to Become a Touristic Attraction With Nubian-Inspired Hotel

Egyptian StreetsJuly 20, 2019

The Story of Amira, 15-Year-Old Girl Detained For Killing Her Rapist

Egyptian StreetsJuly 20, 2019

Algeria Crowned AFCON 2019 Champions After Beating Senegal 1-0

Egyptian StreetsJuly 19, 2019

Obligatory Anti-Divorce Courses to Begin in Egyptian Universities

Egyptian StreetsJuly 18, 2019

Plastic Bags to Be Banned in Egypt’s Marsa Alam

Egyptian StreetsJuly 16, 2019

Egyptian Authorities Free Trans Woman and LGBT+ Activist After 4 Months in Prison

Egyptian StreetsJuly 16, 2019

Egypt’s National Council for Women Visit Women’s Prisons to Ensure Quality of Care

Egyptian StreetsJuly 15, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.