Egypt’s Sovereign Wealth Fund and Hassan Allam Holding (HAH) -a construction and engineering group- announced on Wednesday their signing of a Memorandum of Understanding (MoU) to jointly invest, directly or indirectly, in projects in the fields of power, water, renewable energy, and infrastructure in Egypt.
The agreement was signed by Egypt’s SWF Chief Executive Officer, Ayman Soliman and HAH’s Co-Chief Executive Officer, Amr Allam in the presence of the Minister of Planning and Economic Development and Chairperson of Egypt’s SWF, Hala El Said, Deputy Minister of Housing, Utilities and Urban Communities, Sayed Ismail, and senior executives from the SFE, Hassan Allam.
Under the agreement, Egypt’s SWF and HAH will collaborate with local and international co-investors to identify and invest in high-impact, sustainable investment opportunities in greenfield or existing infrastructure, water desalination and water treatment, and renewable energy projects.
This MoU highlights the Fund’s important role in attracting private, local, and foreign investments to important sectors in the economy that drive growth and employment, while providing a better standard of living for Egyptians. This comes as part of the government’s Sustainable Development Egypt Vision 2030 under the auspices of the Ministry of Planning and Economic Development.
El Said said that the fund is focused on achieving its objectives through engaging Egyptian and foreign companies to increase the private sector’s role in the economy, rendering it more attractive for investors on a global level.
Soliman said, “this collaboration is the first of many strong steps the SWF is taking to create large specialised projects to be part of an infrastructure sub-fund we are currently establishing, and we are confident that we have found the right partner in Hassan Allam Holding.”
He added that this strategic collaboration is one of Egypt’s SWF steps to cement its role in creating and nurturing public-private partnerships through state-owned assets and the privately-managed by Egypt’s SWF.
“Together, with the SWF, we will invest in and develop these crucial segments, particularly those in the water, power, and renewable energy sectors, where opportunities abound. We plan to bring into the equation renowned international co-investors and leading technical experts. We are confident that not only will we lay the groundwork for more fruitful public-private partnerships, but that we will herald both local and foreign investments,” HAH’s co-CEO said.