Today, Tuesday, Emirati President Mohamed bin Zayed and his Egyptian counterpart Abdel Fattah El-Sisi witnessed the signing of an agreement to establish a 10-GW wind energy project in Egypt.
The signing took place on the sidelines of the Climate Summit (COP27) hosted by Sharm El-Sheikh.
Work is underway on the project between Infinity Power - a joint venture between the UAE's Masdar and Infinity Energy, the developer of renewable energy projects in Egypt - and the Hassan Allam Utilities Company and the Egyptian government.
The UAE Minister of Industry and Technology, Sultan Al Jaber, said that the project is among the largest wind energy projects in the world, and that it confirms the ambitious goals of both countries in the field of clean energy.
When completed, the plant will produce 47,790 gigawatt-hours of clean energy annually, and will contribute to avoiding the emission of 23.8 million tons of carbon dioxide, equivalent to about 9% of Egypt's emissions today, according to the Emirates News Agency.
The project comes within the framework of the "Green Corridor Initiative" in Egypt, which is a network dedicated to renewable energy projects, while it will contribute to achieving Egypt's goal of ensuring that renewable energy forms 42% of the energy mix by 2035.
The plant will save an estimated $5 billion in annual natural gas costs, as well as create up to 100,000 jobs.
The UAE is the second largest Arab investor in Egypt with a total investment of $28 billion, according to what the UAE Minister of Economy Abdullah Al-Marri confirmed, during the two countries' celebration of the fiftieth anniversary of relations last month.
On the sidelines of the celebration that took place late last month, the Egyptian Minister of International Cooperation, Hala Al-Saeed, said that the two countries are about to announce new projects in a number of fields, including clean energy.
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