Egypt and the UAE signed a deal Tuesday for a wind energy project to produce electricity, with direct investments of more than $10 billion.
Middle East News Agency reported that Egyptian Prime Minister Mostafa Madbouly and Emirati Minister of Industry and Advanced Technology Sultan Al Jaber attended the signing of the project.
The project has a production capacity of 10 gigawatts.
It will be developed by a consortium led by Masdar and including Infinity Power and Hassan Allam Utilities.
CEO of Masdar Mohammed Al-Ramahi said during a press conference broadcast by the Egyptian state channel, that the project would bring direct investments of more than $10 billion and would save $5 billion worth of gas used annually to generate electricity.
Ramahi added that fossil fuel would contribute to providing energy sources, noting that renewable energy transmission needs decades.
This transmission would occur in phases to ensure energy security and the economic feasibility of using the energy sources within a diverse portfolio that protects the environment, he added.
This agreement is part of the MoU signed between the two countries during COP27 which was held in Sharm Sheikh in November.