UAE’s Al Nowais to invest $1 billion in two renewable energy plants in Egypt

UAE-based Al Nowais Investments is investing $1 billion in two renewable energy plants in Egypt through its energy subsidiary AMEA Power.

The plants will be ready within two to three years, the company’s chairman Hussain Al Nowais told a local newspaper on Tuesday on the sidelines of an Economic Forum held in Cairo.

The first project consists of a solar plant in southern Egypt, while the second involves a wind farm on the Red Sea. Both have a capacity of 500 MW each, Al Nowais added.

The UAE official said his company is currently in talks with the Egyptian government regarding investments to establish desalination plants in the country, added.

He also showed interest in investing in the Egyptian green hydrogen sector.

Al Nowais is currently arranging a consortium, including German, Japanese, and Italian companies to produce green ammonia that could be used as a clean fuel source, the chairman added.