SCZone chair discusses green fuel production cooperation with international companies at COP28

Daily News Egypt
3 Min Read

Waleed Gamal El-Dien, Chairperson of the General Authority for the Suez Canal Economic Zone (SCZONE), kicked off his participation at COP28 in the UAE by engaging in a series of meetings with major international companies eager to explore investment opportunities within the economic zone.

Gamal El-Dien met with representatives of ACWA Power to delve into strategies for activating the Memorandum of Understanding (MoU) signed with the company and expediting the progress of project feasibility studies.

He highlighted SCZONE’s unwavering support for green fuel production initiatives, which have contributed to propelling the economic zone into a hub for this sector. The zone has also witnessed the export of the world’s first ammonia shipment produced using electrolytically-generated hydrogen.

Gamal El Dien convened with Kim Fejjfer, Managing Partner and Executive Director of A.P. Moller Capital, a specialized fund management firm. They explored avenues for future collaboration, particularly in the realm of green fuel project financing.

Gamal El-Dien emphasized the need for financing to accelerate the pace of green fuel projects, while simultaneously stressing the importance of cost reduction measures for both production and operation to ensure optimal pricing for the final product.

The SCZONE Chairperson also held a meeting with George Weber, a member of the Executive Board of Directors of Wilo SE, a pump systems manufacturer headquartered in Dortmund, Germany.

Their discussion centered on fostering cooperation, given the water pump industry’s critical role in supporting national projects. During the meeting, Gamal El-Dien showcased the economic zone’s potential, highlighting the industrial zones that cater to this industry, the logistics zones that facilitate product transportation and storage, and the ports strategically positioned along the Red Sea and Mediterranean.

The SCZONE actively participated in a session titled “Green Hydrogen: from Advertising to Investment” within the Egyptian Pavilion at the Blue Zone to discuss strategies for supporting government entities and international institutions involved in green fuel projects through legislation and financing.

The session underscored SCZONE’s commitment to providing the essential infrastructure to establish these projects and developing a dedicated investment incentive package for green energy projects to stimulate investment. It also emphasized the significance of financial and legislative support for green economy activities.

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