Saudi Shaheen Group invests EGP 500m in Egypt

The Saudi-based Shaheen Group will invest EGP 500m in Egypt in the new and renewable energy sector, as a first phase of a larger investment plan in the country, company chairman Abdullah Shaheen announced Saturday.

In a press conference in Cairo on Saturday, Shaheen said these investments will be directed towards agricultural and solar projects. It will include a solar station in the New Valley, that will generate an additional 50mW to the national grid.

Shaheen noted that the timing is “appropriate” to invest in Egypt, especially in light of the new regulations adopted by the government to attract investments. He stressed the significance of investing in the energy sector in order to resolve the country’s energy crises.