URGENT: UK, Saudi Arabia partner on $7b petrochemical project in Egypt

Egypt has signed a $7 billion framework agreement with UK-based Shard Capital and Saudi Arabia’s Abdel Hadi Abdullah AlQahtani & Sons (AHQ) to develop a state-of-the-art petrochemicals production complex in New Alamein.

The agreement was officially signed on the sidelines of the Egypt Energy Show (EGYPES 2025), with the Egyptian Petrochemicals Holding Company (ECHEM) representing the Ministry of Petroleum, the General Authority for Investment and Free Zones (GAFI) acting on behalf of the Ministry of Investment, and Shard Capital as a key partner.

Minister of Petroleum and Mineral Resources Karim Badawy emphasised that the project will maximise the added value of Egypt’s natural resources by producing high-quality petrochemical products, boosting exports and foreign currency revenues, and supplying essential raw materials for local industries.

Additionally, the minister further said the complex aligns with Egypt’s vision for New Alamein’s development, integrating cutting-edge technologies to ensure environmental sustainability while driving local economic growth and job creation.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser