Masdar (renewable energy company) and Hassan Allam Utilities (the investment and development arm of Hassan Allam Holding Group) have signed two MoU with leading Egyptian state-backed organisations to cooperate on developing green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.
Mostafa Kamal Madbouly, Prime Minister of Egypt, stressed that the state is working to encourage investment in green energy projects due to Egypt’s potential to become a critical pivotal and regional hub in this vital sector.
Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Chairman of Masdar, said, “These projects will build on the UAE’s and Masdar’s position as an early mover in the global hydrogen market and expand our capacity to deliver zero-carbon energy solutions.”
Dr Hala El Said, Chairperson of the Sovereign Fund of Egypt, added, “This will allow significant growth for this sector in the future, and the agreements are in line with “Egypt Vision 2030” and its sustainable development strategy.”
Eng. Yehia Zaki, Chairman of SCZONE, noted, “Today’s signing is the fifth of its kind for green fuel production projects inside Sokhna zone, as SCZONE has a distinctive location and pivotal ports overlooking the Red and the Mediterranean Sea. SCZONE is qualified to be a regional Hub for ship bunkering.”
Ayman Soliman, CEO of The Sovereign Fund of Egypt, commented, “Our green hydrogen portfolio is growing, taking us another step closer to our target and promise of developing green energy flagship projects under the umbrella of the collaborative effort between the Ministry of Electricity, the SCZONE and TSFE.”
Mohamed Jameel Al Ramahi, CEO of Masdar, stressed, “These agreements represent a vital step forward in the development of the green hydrogen economy for both the UAE and Egypt, and will play a significant role in our two nations’ decarbonisation efforts.”
Amr Allam, CEO of Hassan Allam Holding, explained, “In the first phase of the project, Hassan Allam Utilities and Masdar aim to establish a green hydrogen manufacturing facility, which would be operational by 2026, producing 100k tonnes of e-methanol annually for bunkering in the Suez Canal.”
The electrolyser facilities in the Suez Canal Economic Zone and on the Mediterranean could be extended to up to 4 GW by 2030 to produce 2.3 million tonnes of green ammonia for export and supply green hydrogen for local industries.
Masdar and Hassan Allam Utilities see Egypt as a hub for green hydrogen production, targeting the bunkering market, exporting to Europe, and boosting the local industry. Egypt enjoys abundant solar and wind resources that allow renewable power generation at a highly competitive cost –a key enabler for green hydrogen production.