Saudi developer ACWA Power is planning to invest between $10-12 billion in Egypt in the next five years, its chairman Mohammad Abunayyan announced Saturday.
The company is determined to strongly invest in the Egyptian power generation sector at both renewable and traditional levels, by adding around 10,000 megawatts to Egypt’s national electricity grid, Abunayyan added.
Hassan Amin, Country Manager at ACWA Power, said Egypt’s power sector is able to allure new investments worth $30 billion in the next five years, backed by having legislative reforms and investment incentives provided by the country’s government.
ACWA Power is sponsoring the Saudi-Egypt Business Opportunities Forum, which takes place in Cairo on Saturday, which aims to review aspects of enhancing trade exchange and investment in various sectors between the two countries. The forum is set to witness the signing of several trade and investment agreements between Egyptian and Saudi investors.