RIYADH: Saudi Arabia’s Alfanar Global Development has signed agreements worth SR2 billion ($530 million) with Egypt’s Arab Organization for Industrialization and Benya Holding Group.
The new investments happened on the sidelines of Crown Prince Mohammed bin Salman’s visit to Egypt.
According to the press release, these agreements are focused on localization of technology for renewable energy, and implementation of IT projects, digital solutions, data centers and cybersecurity.
“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 toward 50MW at the Benban Solar Park. We look forward to making more investments in Egypt and Africa,” said Amer AlAjmi, executive vice president of Alfanar Global Development.