Saudi Arabia's Alfanar Global Development to invest SAR2bn in Egypt
Now Reading
Saudi Arabia’s Alfanar Global Development to invest SAR2bn in Egypt

Saudi Arabia’s Alfanar Global Development to invest SAR2bn in Egypt

The agreements – focused on tech for renewable energy, IT, digital solutions and cybersecurity – were signed on the sidelines of Saudi Crown Prince Mohammed bin Salman’s visit to Egypt

Avatar
Saudi company Afanar to invest in Egypt-GettyImages-1080377280

Saudi Arabia-based Alfanar Global Development signed agreements worth SAR2bn ($532m) with the Arab Organisation for Industrialisation and Benya Holding Group, at the headquarters of the General Authority for Investment and Free Zones in Cairo.

The agreement was signed on the sidelines of the recent visit of the Saudi Crown Prince Mohammed bin Salman to Egypt.

Read: In pics: Saudi Crown Prince Mohammed bin Salman’s regional tour

The agreements are focused on localisation of technology for renewable energy and implementation of IT projects, digital solutions, data centers and cybersecurity.

Engineer Amer AlAjmi, EVP of Alfanar Global Development, said: “Alfanar has been present in international markets including the Egyptian market for many years now through our renewable energy projects. In Egypt, we have also contributed towards 50MW at the Benban Solar Park. We look forward to making more investments in Egypt and Africa.”

Alfanar has been diversifying its portfolio of projects and services globally. It works with companies involved in digital solutions, energy, water, oil and gas, social infrastructure and healthcare sectors through its various business divisions and sub-brands.

In other news, the Saudi Crown Prince who met Egyptian President Abdelfattah El-Sisi at Al-Ittihadiya Palace in Cairo on June 20, signed 14 agreements worth $7.7bn, which include infrastructure, renewable energy projects, green hydrogen, medicine and e-commerce, as reported by the official Saudi Press Agency.

Showcasing Saudi Arabia’s investment across the region, the Federation of Saudi Chambers of Commerce and Industry has shared that the volume of trade exchange between Saudi Arabia and Jordan amounted to about SAR16.6bn in 2021, compared to SAR11.6bn in 2020. These figures were revealed in an economic report issued by the body, on the occasion of the recent regional tour of the Saudi Crown Prince.

Read: Saudi investments in Jordan amount to $14bn: Saudi Chambers of Commerce and Industry

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top