Amer Al-Ajmi, Executive Vice President of alfanar, said Tuesday his company aims to pump about SAR 2bn ($533m) in the Egyptian energy and telecommunications sectors.
The Saudi company signed two agreements, one of which was with the Arab Organization for Industrialization (AOI) to produce wind energy and green hydrogen, and the second agreement with Benya Group in the field of information technology and digital solutions.
Al-Ajmi told Daily News Egypt that the company will take part in a project to localise wind energy and green hydrogen industry in Egypt, in cooperation with the AOI, with investments amounting to approximately SAR 1.3bn.
He added that talks are ongoing to choose the best place to set up the project in the coming period.
Al-Ajmi said the project aims to export turbines and wind power generation requirements to Africa and the Middle East.
As for the other agreement with Benya, it aims to raise the efficiency of infrastructure of data centres and cybersecurity in Egypt.
On Tuesday, Saudi Arabia and Egypt signed 14 investment agreements worth a total of $7.7bn in the sectors of infrastructure, logistics, port management, food industries, the pharmaceutical industry, traditional and renewable energy, electronic payment, and financial and information technology solutions.