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

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]