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\u2019 kind in the Suze region in Egypt and will help position the country as a global leader in the field of renewable energy.<\/p>\n\n\n\n
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\u2019s renewable energy resources. This new plant is a part of the growth of Egypt\u2019s 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.<\/p>\n\n\n\n
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\u2019s power output to meet the demands of the nation and put them into the global position of a leader in renewable energy.<\/p>\n\n\n\n