Egypt looks to expand domestic firms’ role in Saudi Arabia’s NEOM gigaproject

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawy travelled to Saudi Arabia on Saturday to explore ways for Egyptian companies to expand their involvement in NEOM, the kingdom’s ambitious $500 billion mega-city project under Vision 2030.

Badawy led a high-level delegation that included executives from state-linked companies Petrojet, Enppi, and Gas Egypt, meeting with NEOM CEO Aiman Mudaifer and other officials to review opportunities for collaboration in energy, infrastructure, and industrial development.

The discussions focused on green hydrogen projects, petrochemicals, sustainable building materials, and clean energy technologies, as well as initiatives to improve energy efficiency. The officials also explored partnerships between Egypt’s Mineral Resources and Mining Industries Authority (MRMIA) and NEOM’s industrial projects to secure the city’s strategic mineral needs.

Both sides agreed to establish joint working groups to identify cooperation opportunities and lay the groundwork for a strategic partnership between Egyptian petroleum companies and NEOM.

Egyptian firms, including Petrojet, are already involved in some of NEOM’s infrastructure projects, and the Egyptian government said it seeks to broaden participation by domestic companies while attracting additional Saudi investment into Egypt’s petroleum and mining sectors.

Attribution: Amwal Al Ghad English