Swiss Firm to Allocate 1$ Bln for Green Hydrogen Production in Egypt

Hydrogen pipes in a green hydrogen facility. (Getty)
Hydrogen pipes in a green hydrogen facility. (Getty)
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Swiss Firm to Allocate 1$ Bln for Green Hydrogen Production in Egypt

Hydrogen pipes in a green hydrogen facility. (Getty)
Hydrogen pipes in a green hydrogen facility. (Getty)

Smartenergy intends to expand in Egypt by producing green hydrogen in a project of initial value worth one billion dollars, said well-informed sources.

The company is specialized in renewable energy.

Smartenergy didn’t make an official statement regarding the project, but well-informed sources told Asharq Al-Awsat that the company has reached an advanced level in the negotiations with the Egyptian government to establish a $1 billion hydrogen production factory.

Chief Financial Officer Dr. René Cotting confirmed that the signing of an agreement with the Egyptian government to produce hydrogen in Egypt is imminent.

He didn’t give further details.

The agreement was supposed to be signed a while ago, remarked the sources, but some procedures related to new lands’ licenses and the issuance dates caused delays.

Founded in 2011 and located in Switzerland, Smartenergy focuses on investments in renewable energy and related ventures. It has projects in Germany, Italy, Spain, and Portugal.

Egypt has recently signed agreements and MoUs with foreign firms to establish industrial compounds to produce green hydrogen inside the Sokhna Industrial Zone.

The government has stepped up efforts to advance the projects of green hydrogen production in Egypt, amid a global energy crisis.



Construction Begins on ‘Banan City’ Project in Riyadh

Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
TT

Construction Begins on ‘Banan City’ Project in Riyadh

Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)

Saudi Talaat Moustafa Group announced on Saturday that construction work has commenced on the “Banan City” Project in Riyadh’s northeastern Al-Fursan suburb.
The company stated that operations are underway around the clock, adhering to construction schedules and plans. Heavy and operational equipment are fully deployed to deliver units to owners sequentially.
Banan City is set to be a smart city spanning 10 million square meters in northeastern Riyadh.
It aims to offer an unprecedented quality of life to over 120,000 residents within a gated community. The development will integrate cutting-edge smart city technologies with residential privacy and the latest sustainability standards.
In May, the National Housing Company and Saudi Talaat Moustafa Group laid the foundation for “Banan City” and began accepting reservations.
On July 9, the group disclosed to the Egyptian stock exchange that “Banan City,” described as a sustainable city, has achieved unprecedented sales since its launch in May, surpassing the first-year sales target in just two months.
Hesham Talaat Moustafa, Chairman of Saudi Talaat Moustafa Group, projected the project’s revenue at around 40 billion Saudi riyals ($12 billion), with a total investment cost estimated at 31.4 billion riyals.