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Saudi Alfanar to pump $532m into Egypt industrial market

CAIRO, June 27, 2022

Alfanar Global Development, a major player in the Middle East region for energy, water, oil and gas and social infrastructure sectors, has signed agreements worth SR2 billion ($532 million) with the Arab Organization for Industrialization (AOI) and Benya Holding Group. 
 
Announcing the grand Egypt plan, Alfanar said these deals are mainly focused on the localization of technology for renewable energy, and implementation of IT projects, digital solutions, data centers and cybersecurity. 
 
All these pacts were signed on the sidelines of the official visit of Saudi Crown Prince Mohammed bin Salman to Egypt this week at the headquarters of the General Authority for Investment and Free Zones (GAFI) in Cairo.
 
Executive Vice President Engineer Amer AlAjmi said: "Alfanar has been present in international markets including the Egyptian market for many years now through our renewable energy projects. In Egypt, we have also contributed towards 50MW at the Benban Solar Park."
 
"We look forward to making more investments in Egypt and the wider Africa region," stated AlAjmi.
 
Alfanar has gained a growing regional and international reputation by diversifying its portfolio of projects and services globally. 
 
Today, it serves businesses across the digital solutions, energy, water, oil and gas, social infrastructure and healthcare sectors through its various business divisions and sub-brands.-TradeArabia News Service



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