Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid reviewed Norwegian company Scatec’s investment portfolio in Egypt, including projects in renewable energy, wind power, energy storage, green hydrogen, green ammonia, and water desalination, according to a statement.

During talks with CEO of Scatec Terje Pilskog, the two sides discussed the company's expansion opportunities in data centers and clean energy projects.

Scatec officials said the company has invested around $5 billion in Egypt to date and plans to inject an additional $5 billion in investments over the next two years in renewable energy, water desalination, and data center projects.

On his part, Farid affirmed the government’s commitment to implementing an economic reform program to improve the business climate, strengthen the economy's competitiveness, and attract more foreign investment.

He noted that the renewable energy and green industry sectors represent a key priority for supporting economic growth and increasing exports.

The minister explained that Egypt possesses the required elements to become a regional hub for clean energy and digital services, leveraging its strategic location, infrastructure, and free trade agreements.  

Meanwhile, the state is building strategic partnerships with major international companies to transfer technology, localize modern industries, and enhance Egypt's position as a regional hub for investment, production, and exports.