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Egypt Private Sector to Produce Green Hydrogen

Green hydrogen is a clean fuel that will have an advanced position in energy production in the future. (Asharq Al-Awsat)
Green hydrogen is a clean fuel that will have an advanced position in energy production in the future. (Asharq Al-Awsat)
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Egypt Private Sector to Produce Green Hydrogen

Green hydrogen is a clean fuel that will have an advanced position in energy production in the future. (Asharq Al-Awsat)
Green hydrogen is a clean fuel that will have an advanced position in energy production in the future. (Asharq Al-Awsat)

Egypt’s private sector is considering boosting green hydrogen production, the clean energy of the future, through its local production and distribution.

MAN Energy Solutions has signed a memorandum of understanding (MoU) with TAQA Power in Cairo regarding a pilot project for the local production of green hydrogen to fuel domestic tourist busses.

The MoU sets the stage for MAN Energy Solutions to provide technical information to TAQA Power on employing electrolysis for a hydrogen-plant solution, due to run until autumn 2022.

MAN Energy Solutions is headquartered in Germany and has about 14,000 employees in more than 120 locations worldwide. Its business is aligned towards a range of solutions for decarbonization.

The company intends to drive the large-scale industrialization of electrolysis, pushing green hydrogen towards the mass market.

It produces stacks and megawatt electrolyzers based on the polymer-electrolyte membrane process (PEM) to cover industry and energy-refiner hydrogen demand. Its electrolyzers already make effective sector-coupling possible today.

TAQA Power Managing Director Samy AbdelKader announced: “We are delighted to join forces with MAN Energy Solutions for such a great endeavor in alignment with the Egyptian Government’s plan aiming to generate and increase the use of green hydrogen.”

He indicated that TAQA intends to lead the private sector to achieve the sustainable development goals set by President Abdul Fattah al-Sisi for Egypt’s Vision 2030.

Head of MAN Energy Solutions’ energy business in the region, Ghassan Saab, described the MoU as an “exciting venture” with a valuable partner in a country that recognized an essential role green hydrogen will play on the path to a climate-neutral, global economy.

It is also an excellent opportunity for MAN Energy Solutions to display its expertise in all processing steps of the hydrogen economy, he added.

“We look forward to working closely with TAQA Power in finding the optimal solution that will position them strongly in what will be one of the most important markets of the future.”

TAQA Electricity manages and operates the Benban solar power plant in Aswan, one of the region’s most significant renewable energy projects. The company established the 65-megawatt plant, with a total investment of $72 million.

TAQA Arabia is a subsidiary of a Qalaa Holdings company that develops and operates energy-distribution infrastructure, including gas transmission and distribution networks, EPC works, power-generation plants, and distribution networks for the oil & gas residential, commercial, and tourism sectors in Egypt.

It also markets petroleum and lubricants and develops and operates water-treatment stations. Currently, it is focusing on significantly increasing green-hydrogen production to expand its remit within the field of clean energy.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.