Skip to content Skip to Search
Skip navigation

Egypt poised for $3bn green hydrogen facility

By Pramod Kumar
Egypt hydrogen Reuters/Aly Songol
Revenues from the sale of stake in state assets have reached $5.6 billion so far, said Prime Minister Mostafa Madbouly

Belgium-based Deme Group will invest $3 billion to build a green hydrogen facility in Gargoub port in the western region of Egypt.

Significant progress has been made toward the final agreement and starting project implementation in coordination with the transport ministry, Daily News Egypt reported, citing Luc Vandenbulcke, CEO of Deme Group.

The project will be implemented in three phases, with an initial investment of $3 billion. The production will be allocated for export to the European market.

Egyptian prime minister Mostafa Madbouly confirmed that a draft law on incentives for green hydrogen projects and its derivatives has been referred to the parliament and is expected to be issued this year.

“We have doubled the incentives provided and allocated to green hydrogen, including a draft law on incentives for green hydrogen projects and its derivatives, which has been referred to Parliament and is expected to be issued this year,” he added.

Deme Group is actively in discussion with the transport ministry for developing the river transport system in Egypt. Furthermore, collaborative efforts with the Suez Canal Authority are in progress for the Bardawil Lake development project, aimed at increasing fish production in the northern Sinai region. 

Latest articles

A construction site in Cairo. Egypt received the final tranche of ADQ funding for Ras El Hekma last week

Work on ADQ-backed resort in Egypt ‘to start this year’

ADQ will begin building the infrastructure for its Ras El Hekma development on Egypt’s north coast before the end of this year, according to housing minister Assem El Gazzar. The Abu Dhabi sovereign wealth fund had said it would break ground in early 2025, but it has yet to announce the names of contractors or […]

more than 420,000sq m of new Grade A office space is expected to become available before the end of the year 2WXWXWP Riyadh, Saudi Arabia - Mar 25 2024,King Abdullah Financial District , KAFD business towers

Foreign companies push up cost of Riyadh’s scarce office space

Rental rates in Riyadh’s office sector rose by up to 36 percent in the first quarter of this year as a result of increased demand from foreign companies and occupancy rates approaching 100 percent. Three quarters of all enquiries for office space directed to the real estate company Savills in the first three months of […]

Iranian president Ebrahim Raisi died in a helicopter crash following a trip to the Azerbaijan border

Oil prices steady following death of Iranian president

Oil prices remained steady on Monday morning following the death of Iranian president Ebrahim Raisi, who was killed over the weekend in a helicopter crash in mountains near Iran’s border with Azerbaijan. Brent crude rose less than 1 percent percent at $84.37 a barrel – slightly below the estimated breakeven price at which Saudi Arabia, […]

Kuwaits Beyout Investment Group is selling a 30 percent stake, or 90 million shares, on the local bourse

Kuwait’s Beyout targets $147m from IPO

Kuwait’s Beyout Investment Group (BIG) has set the price of its initial public offering (IPO) between 480 and 500 fils per share.  The company plans to raise up to KD45,000,000 ($147 million) by selling a 30 percent stake, or 90 million shares, on the local bourse, the first in nearly two years. The final offer […]