Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding (MoU) to establish two solar energy factories in collaboration with UAE-based Global South Utilities and China's JA Solar, as per a statement.

The initiative involves the creation of two facilities: one for manufacturing solar cells with a capacity of 2 gigawatts and another for producing solar panels with an equal capacity.

Madbouly emphasized Egypt’s commitment to developing the industrial sector as a key driver for sustainable development.

He noted that the agreement aligns with Egypt's Sustainable Energy Strategy 2035, which aims to enhance energy efficiency, shift toward renewable energy, and strengthen energy security.

The MoU outlines Global South Utilities’ commitments to support JA Solar in completing feasibility studies and coordinating government incentives.

JA Solar is set to finalize the study of both projects, with the first project dedicated to exporting solar cells seeing up to $138 million in investments and $75 million in the other facility focused on meeting local demand.

The factories are expected to integrate local components such as glass and aluminum into the production process.