UAE company to invest $1.5 bn for development of Gulf of Suez

UAE company to invest $1.5 bn for development of Gulf of Suez

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The South Valley Petroleum Holding Company has signed a memorandum of understanding with the UAE company Enma Al Ain to invest $1.5 billion for the development of the Gulf of Suez.
 
Petroleum Minister Sherif Ismail said the next step is to conduct feasibility studies for a package of new projects, including a project for solar, wind and clean coal energy, a water desalination plant and an industrial zone for​ companies ​specialized in minerals.
 
The minister added that the new projects come within the government’s economic vision for the development of new areas by serious investors in order to expand the infrastructure, create jobs and establish new urban communities.
 
He also said that the projects aim to use new energy sources and enhance the mineral wealth so as to maximize revenues and reduce exports.
 
 
Edited translation from Al-Masry Al-Youm
 

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