Emirati Investor Presents Offer to Implement $7.5bn Power Plant in Egypt
Emirati investor Hussein Jasim Al Nowais presented Tuesday a plan to Prime Egyptian Minister Ibrahim Mahlab on Tuesday to implement a major power station to take place in three stages in Oyun Musa. Each stage will produce 1,320 MW for a total of 3,960 MW and the total project cost is estimated to be $7.5bn.
“We will use our international relations to attract global investors from various nations to invest in Egypt. Some have already agreed to do so and we are excited for the contributions to electricity projects,” Nowais said. “We have a 22-member working group that will complete studies on the project, the first phase of which will cost $2.5bn.”
Egypt is suffering from a severe shortage in oil production due to foreign partners suspending work until debts are paid back. The total amount of debts due is estimated to be $5.9bn, and the production deficit has angered Egyptians by causing consecutive power cuts in households as well as internet and communication service stoppages.
According to a statement issued by the Cabinet, during a meeting with Al Nowais, Mahlab said: “We know that there are many challenges before us, but we depend on God, the persistence of our people, and the support of our Arab brothers. They know that our destiny is shared, and Egypt will never forget their support.” He pointed out that there are great investment opportunities available at this time.
Shakir, who attended the meeting, confirmed that Al-Nowais expressed the utmost seriousness regarding implementing the plan, and was at the fore of a working group that will conduct the studies required for the project alongside his investment team. He suggested that the station be constructed in the Oyun Musa area.
“What encourages investment in Egypt is our love for Egypt’s government and people, and we, as the private sector, have invested here for many years, although this stopped in recent years,” said Al-Nowais. Mahlab interrupted him, saying “Egypt has returned to us again”, to which Al-Nowais replied: “Egypt has returned to both you and us.”
