Saudi Alfanar Global Development to invest SAR 2 billion in Egypt

RIYADH, DUBAI, 27 June 2022: On the sidelines of the Crown Prince of Saudi Arabia H.R.H. Mohammed bin Salman’s visit to Egypt this week, Alfanar Global Development signed agreements worth SAR 2 billion (USD 532 million) with Arab Organization for Industrialization (AOI) and Benya Holding Group at the headquarters of the General Authority for Investment and Free Zones (GAFI) in Cairo.

Alfanar Executive Exchanging Agreements

According to Alfanar, the agreements are focused on localisation of technology for renewable energy, and implementation of IT projects, digital solutions, data centres and cybersecurity.

Amer AlAjmi, Executive Vice President of Alfanar Global Development, said: “Alfanar has been present in international markets, including the Egyptian market for many years now through our renewable energy projects. In Egypt, we have also contributed towards 50MW at the Benban Solar Park. We look forward to making more investments in Egypt and Africa.”

Alfanar said it has gained a growing regional and international reputation by diversifying its portfolio of projects and services globally. Today, it said, it serves businesses across the digital solutions, energy, water, oil and gas, social infrastructure and healthcare sectors through its various business divisions and sub-brands.