UAE’s KK Power Intl. Mulls Investment Opportunities in Egypt

UAE-based KK Power International is considering investment opportunities in Egypt across the fields of electricity, new and renewable energy, and green hydrogen and ammonia production, according to a statement by the Ministry of Electricity and Renewable Energy on August 23rd.

Egyptian Minister of Electricity Mohamed Shaker has met with the Chairman of KK Power Taj Aldin Seif to discuss ways to reinforce cooperation between the Emirati company and the electricity sector in Egypt.

During the meeting, Shaker praised collaboration with Emirati companies as trusted partners with great expertise in power projects.

The electricity sector in Egypt receives unprecedented support from the state’s leadership, the minister stressed, adding that the government deals with electricity as a main priority for development across economic and social fields.

Several actions have been taken to encourage the private sector to participate in the new and renewable projects, mainly wind energy and solar power, Shaker highlighted. He added that Egypt is collaborating with a global entity to set a strategy that targets boosting the contribution of renewable energy to the electricity mix to over 42% by 2035.

Earlier, representatives of the UAE’s KK Power International and Australian Fortescue Future Industries (FFI) expressed their desire to invest in renewable energy and green hydrogen in Egypt during the coming period.

Moataz Kandil, regional director of FFI in the Middle East and North Africa, said that the legislation and regulations governing investment in green energy in Egypt contributed to achieving a major leap in clean energy projects in Egypt, and the company seeks to cooperate and invest in renewable energy projects and green hydrogen production. He stressed the importance of exchanging visions during the coming period in preparation for Egypt’s hosting of the 27th Conference of Parties (COP27) next November, especially since Egypt is one of the attractive destinations for foreign and Arab investments, as a result of the efforts that have led to a tangible improvement of the investment climate in Egypt.

Taj El-Din Seif, Chairperson of KK Power, expressed his aspiration to enhance bilateral cooperation with Egypt in the fields of renewable energy, green hydrogen, and green ammonia. He stressed that the government’s direction in the coming period includes opening the way for private companies to implement green projects in conjunction with hosting the upcoming climate summit in Sharm El-Sheikh.

This came during a meeting of representatives of the Emirati and Australian companies with Mohamed Shaker, Minister of Electricity, within the framework of Egypt’s keenness to enhance cooperation and exchange experiences in all fields, and to attract and encourage investment in Egypt, especially the participation of the private sector in various projects in the electricity sector. Minister Shaker affirmed that the electricity sector receives unprecedented support from the political leadership, which has put the issue of electric energy at the top of its priorities as it is the main pillar of development in various fields of economic and social life, and considers securing the electricity supply a matter of national security. He pointed to the great challenges that Egypt faced in providing energy to the local market during an earlier stage. Against the background of political stability, Egypt was able to take a number of reform measures and policies in the energy sector within the framework of a new strategy that guarantees supply security, sustainability and rational management. The minister indicated that many measures have been taken to encourage the participation of the private sector in new and renewable energy projects, in which Egypt enjoys a clear richness in its sources, which mainly include wind and solar energy. This field reflects the commitment of the Egyptian state towards renewable energy projects.