Renewable energy and sustainable fuels... new investment projects in the Suez Canal area

The economic file receives great attention from the Egyptian government, and therefore it is making expanded efforts to bring about a qualitative shift in the structure of the national economy by shifting towards a green economy and making Egypt a regional center for sustainable energy. Accordingly, it is working to expand green hydrogen projects and producesustainable fuel (SAF) and renewable energy.

In addition to focusing on achieving financial stability, empowering the private sector and opening the way for it to lead the development engine by overcoming bureaucratic obstacles and providing unprecedented investment incentives, while working in parallel to improve the legislative and tax environment to create an attractive climate for foreign direct investments.

In light of these sustainable transformations, the Suez Canal Economic Zone is enjoying great momentum represented by its success in attracting investments worth more than $13.5 billion. These investments will be implemented over the coming period through more than 380 projects, and these projects will provide 120,000 new job opportunities.

The first Qatari investment in the Suez Canal Economic Zone

In light of the directives of His Excellency Mr. President Abdel Fattah El-Sisi, President of the Republic, to encourage joint investments and Qatari investments in Egypt, Dr. Mostafa Madbouly, Prime Minister, announced in the weekly government meeting the signing of an agreement to establish the first factory in Egypt to produce sustainable aviation fuel (SAF) in the Suez Canal Economic Zone.

Sustainable fuel (SAF) will be extracted from the refining process of used edible oils, with investments from a large Qatari company working in this field, which will pump $200 million into the first phase of this project to implement this advanced technology. The project will be built on an area of 100,000 square metres.

The signing of the agreement to establish the project was witnessed by His Excellency the Prime Minister, Dr. Mostafa Madbouly, and Mr. Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone.

Reducing harmful emissions compared to conventional fuels

For his part, Mr. Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone, confirmed that the new factory is one of the main axes of the Authority’s strategy of attracting advanced, environmentally friendly industries, explaining that the project contributes to reducing harmful emissions by between 50 and 80% compared to traditional fuels, and strengthens the region’s position to be a regional center for clean energy industries.

The project is based on three phases: The investments of the first phase amount to 200 million dollars, and the production capacity of this phase reaches 200 thousand tons annually. It will also contribute to providing 300 to 500 direct job opportunities, and more than 3,000 indirect job opportunities in logistics, services and supply chains.

Integrated complex for the production of solar panels

As part of the expansion of renewable energy projects, a new company signed an agreement to establish a new integrated complex for the production of solar panels in the Suez Canal Economic Zone, and it will work side by side with already existing companies.

It will play a major role in reducing dependence on fossil fuels, reducing harmful carbon emissions, and helping to expand reliance on clean renewable energy at affordable prices, which represents one of the comprehensive Sustainable Development Goals (SDGs).

In this context, Dr. Mostafa Madbouly stated: This week, the foundation stone for the company producing solar panels was laid, which is a project of great importance that is being established through an Egyptian-Chinese-Emirati-Bahraini alliance, with an investment value exceeding 210 million dollars.

The goals of comprehensive sustainable development are achieved economically by promoting economic growth and encouraging innovation and infrastructure, and environmentally by providing clean energy and sustainable fuel at reasonable prices, which reduces harmful emissions and protects the planet and natural resources.

In conclusion, The national achievements in the Suez Canal Economic Zone are evident in Egypt’s march towards a green economy and achieving comprehensive sustainable development socially, economically and environmentally. The succession of achievements confirms the great responsibility in resource management and development, especially with the signing of qualitative agreements such as establishing the first factory to produce sustainable aviation fuel (SAF) with Qatari investments, and integrated complex projects. To produce solar panels through international agreements.

These projects are clear practical steps to reduce dependence on fossil fuels and reduce carbon emissions, which consolidates Egypt’s effective role at the regional and international levels in promoting reliance on renewable energy and sustainable fuels (SAF).

This strategic direction enhances the status of the Suez Canal Economic Zone as a real development engine capable of attracting billions of dollars in investments and providing quality job opportunities, which is fully consistent with the comprehensive Sustainable Development Goals (SDGs) advocated by the The Earth Guards Foundation - Goal (7) clean, affordable energy - and Egypt’s 2030 vision to achieve prosperity and well-being for current and future generations.