In an effort to improve the energy sector in Egypt, Al-Nowais Investment Groups has signed an agreement with the Egyptian Electricity Holding Company to build a coal-fired power plant. This $4.5 billion agreement will be a first of its’ kind in the Suze region in Egypt and will help position the country as a global leader in the field of renewable energy.
Chairman of UAE-based Al-Nowais Investments Group in Abu Dhabi, Hussain al Nowais, signed the deal to help construct the coal-fired power plant with the chairman of Egyptian Electricity Holding Company, Gabr el-Desouky. The plant is expected to produce 2,460MW of power that will sustain economic development and enhance Egypt’s renewable energy resources. This new plant is a part of the growth of Egypt’s energy sector because another coal-fired power plant is in the works in the Delta governorate of Kafr el-Sheikh. The additional plant was a $1.5 billion deal made by Ahmed al-Hanafy who is the chairman of the Egyptian Electricity Transmission Company.
In addition to the Al-Nowais Investment Groups agreement and the one in the Delta governorate, The Egyptian Ministry of Electricity and Renewable Energy also signed other deals that total $21.2 billion with other international firms. This heightens Egypt’s power output to meet the demands of the nation and put them into the global position of a leader in renewable energy.
The international deal with Al-Nowais Investment Groups is just one of many stemming from Hussain al Nowais and his ventures. The investments are putting the UAE on the map as a global investor into many different sectors as they broaden their economic impact to other industries besides crude oil. The UAE is becoming the focus among other nations for investment agreements and making it the ideal, central location of enhancing economic growth.