The Egypt Sovereign Wealth Fund signed a Memorandum of Understanding (MoU) Hassan Allam Holding, an engineering and construction group. The MoU entails joint investment in areas such as power, water desalination, renewable energy, and infrastructure in Egypt.
Both parties will also work to find foreign co-investors to commit capital to these projects. Egypt has its own Vision 2030 plan which lies under the control of the country’s Ministry of Planning and Economic Development.
Hassan Allam Holding was formed in 1936 and is a major contractor in the Middle East with subsidiaries in Saudi Arabia, Qatar, Libya, and Algeria. Hassan Allam Holding earlier acquired PGESCo, an international engineering and project management that has a focus on energy projects.