Driven by exploding energy demand, regional trading company signs strategic MOU with Global Knowledge Company to introduce sustainable energy solutions in MEA
Egyptian Castle Investments (www.egy-castle.com), a leading regional trading company today announced it has increased its investments in the MEA region by signing a strategic agreement with Korea’s Global Knowledge Company (GKC), one of the world’s foremost energy companies. The Memorandum of Understanding (MOU) is the latest agreement between the two firms and highlights Egyptian Castle Investments growing strength and reputation in the commodities sector as well as its aggressive expansion plans.
Commenting on the announcement, Mr. Mohamed Atta Gad, Chairman and Managing Director of Egyptian Castle Investments said, “We’re extremely pleased to be increasing our investment and activities in the region to complement our growing regional footprint. Our strategic MOU also signifies the potential Egyptian Castle and GKC sees for sustainable energy solutions in the Middle East and African markets. With the Middle East and Africa’s energy demands predicted to rise exponentially in the coming decades, renewable energy is an effective way to meet future energy demand.”
Under the terms of the agreement, Egyptian Castle Investments will be one of GKC’s main agents throughout the Middle East and Africa, including the UAE, Saudi Arabia, Egypt, Sudan, Morocco, Tunisia, Algeria, Libya, Kenya, Tanzania, Nigeria, Senegal, Namibia, and South Africa. The company will be responsible for consulting and recommending optimal sites to implement sustainable or renewable energy projects.
Energy demand in the MEA region is expected to sky rocket, with latest sources estimating energy demand will grow by 30% in the coming decade. This is prompting countries to seek alternatives from the rising cost of traditional sources such as electricity. Sustainable energy such as wind or solar has the advantage of being more cost effective as well as incredibly resource efficient, thus creating far less impact on the environment.
Although considered to be the preferred region to implement sustainable energy solutions such as solar, Africa and the Middle East’s share of sustainable energy projects account for only 4% of the world’s market share.
“Desert regions, for example Saudi Arabia, Egypt, Sudan, Libya, Algeria, are ideal places to implement sustainable energy projects. Through our active local presence in the region, we intend to proactively target these countries and we’re looking forward to introducing needed sustainable energy solutions,” concluded Atta Gad.
Specializing in the import and export of primary commodities such as cement, fertilizers, bitumen, processed food staples, steel, phosphate, chemicals, and various industrial products, Egyptian Castle Investments is a leading regional trading company. With its transparent and efficient import/export process as well as extensive logistics network, the company has successfully traded throughout the region for 15 years. With offices in Egypt and the UAE, serving its main overseas markets of Africa, the Middle East, Southern Europe and Asia, the company strives to play a major role in the region’s growth and development through the supply of in demand goods and commodities.