Sharm El-Sheikh – Hisham Al-Khazindar — Co-Founder and Managing Director of Qalaa Financial Investments — revealed a plan to offer the stocks of TAQA Arabia in 2023 on the EGX.
He added that the offering depends on the improvement of financial market conditions.
In a statement on the side-lines of the recently concluded UN Conference of Parties on Climate Change (COP27) that was held in Sharm El-Sheikh, Al-Khazindar said that green hydrogen is at the top of the projects that the group is currently considering through TAQA Arabia, which is planned to be one of the largest active players in the field in Egypt.
He explained that green hydrogen projects are divided into two main parts — renewable energy and the green ammonia industry, explaining that the ammonia sector has institutional experience.
Furthermore, he said that the group aims to invest about EGP 15bn over a period of up to three years.
Al-Khazindar also stressed that the group is expanding its investments in most of its subsidiaries and multiplying them during the coming period, whether in terms of investments or production volume. This includes the Egyptian Refining Company, Ascom For Carbonate and Chemicals Manufacturing, the Egyptian Company for Printing and Packaging, and TAQA Arabia.
He believes the investment climate in Egypt has become encouraging and greatly stimulates industry.
Additionally, he said that the group participated in a number of events on the side-lines of the climate conference to promote sustainability. He also said that that the company has adopted a green strategy over the past years, as it has converted the group-owned Dina Farms to rely on solar energy.
He also pointed out that the group worked on converting the fuel produced from the Egyptian Refining Company into a sulphur-free fuel in order to contribute to reducing carbon emissions and provide products that comply with European standards regarding the environment.
Furthermore, Al-Khazindar believes that there are many areas in improving the efficiency of energy use in Egypt that the group is working on, especially the generation of electricity from renewable energy sources instead of gas or diesel, as well as the replacement of a large part of the petroleum products that Egypt imports.
He added that the group also focused on industries in which Egypt has a competitive advantage and can build an export industry to replace imports, including packaging represented by the activity of the National Company for Printing and Packaging affiliated with Qalaa.