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

Egypt’s Unemployment Rate Down to 10 Percent in Q3 of 2018

Egyptian StreetsNovember 16, 2018

Egypt ‘Appreciates’ and ‘Trusts’ Final Saudi Investigation into Khashoggi Killing

Egyptian StreetsNovember 16, 2018

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018

Egyptian Film ‘Yomeddine’ Wins at Geneva Film Festival

Mirna AbdulaalNovember 10, 2018

UN: Food Aid to Be Doubled to 14 Million Yemenis to Avert Starvation

Mirna AbdulaalNovember 10, 2018

Bedouin Tribes of ‘Sinai Trail’ Get Backing From Egypt’s Ministry of Tourism

Mirna AbdulaalNovember 10, 2018
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.