Saudi’s Al-Fanar invests $532mn for green and technological projects in Egypt

Saudi Al-Fanar Development Company has signed on Monday agreements of SR2 billion ($532 million) with the Arab Organization for Industrialization (AOI) and Benya Holding Group to support digital transformation, infrastructure and renewable energy in both countries.

Al-Fanar said that these deals focused on the implementation of IT projects, digital solutions, data centres and cybersecurity.

These plans coincide with the visit of Saudi Crown Prince Mohammed bin Salman to Egypt at the headquarters of the General Authority for Investment and Free Zones.

The solar power plant in Egypt with a capacity of 50 megawatts is the most important project for Al-Fanar company, executive vice president Amer AlAjmi, said.

The company is looking forward to more investments in Egypt and Africa, as it has been present in the international markets, including the Egyptian market for several years through many projects.