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Saudi Alfanar Global Development to invest $532 mln in Egypt

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On the sidelines of the Saudi Crown Prince Mohammed bin Salman’s visit to Egypt this week, Alfanar Global Development signed agreements worth $532 million (SAR 2 billion) with Arab Organization for Industrialization (AOI) and Benya Holding Group at the headquarters of the General Authority for Investment and Free Zones (GAFI) in Cairo.

The agreements are focused on localization of technology for renewable energy, and implementation of IT projects, digital solutions, data centers, and cybersecurity.

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Engr Amer Al Ajmi, Executive Vice President of Alfanar Global Development, said: “Alfanar has been present in international markets including the Egyptian market for many years now through our renewable energy projects. In Egypt, we have also contributed towards 50MW at the Benban Solar Park. We look forward to making more investments in Egypt and Africa.”

Alfanar has gained a growing regional and international reputation by diversifying its portfolio of projects and services globally. Today, the company serves businesses across the digital solutions, energy, water, oil and gas, social infrastructure, and healthcare sectors through its various business divisions and sub-brands.

Read more: Saudi Cabinet approves agreement on investments by PIF in Egypt: SPA

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