By TN Media News
Strategic Partnership and Agreement
Shard Capital Partners LLP, in collaboration with UAE’s Royal Strategic Partners and Saudi Arabia’s Al-Qahtani Group, has announced a $7 billion investment in Egypt’s first petrochemical complex. The project will be established in the New Alamein City industrial zone. A Framework Agreement has been signed with Egypt’s Ministries of Petroleum and Investment to formalize the venture.
Economic Impact and Job Creation
The petrochemical complex is expected to create 20,000 jobs during construction and 3,000 permanent roles once operational. It will produce approximately 3.1 million tons of specialized petrochemical products annually. Crude oil will serve as the primary feedstock, while advanced refinery and steam cracker technologies will be employed.
Advanced Technology and Sustainability Focus
The facility will integrate cutting-edge American and European technologies, including solutions from Honeywell. This approach is designed to maximize efficiency and sustainability. Environmental impact will be minimized by reducing waste and lowering carbon emissions. Through this project, Egypt’s industrial capacity will be significantly enhanced, boosting its position in the global petrochemical sector.
Construction Plans and Future Prospects
Shard Capital is negotiating with Orascom Construction for a Build-Own-Operate (BOO) agreement covering parts of the construction and operation. The initiative also supports long-term sustainability objectives, such as the exploration of blue hydrogen production.
Regional and Global Significance
This partnership reflects strengthening economic ties among Egypt, the Gulf countries, and the United Kingdom. Shard Capital advisors have highlighted the project’s role in opening new export markets. The investment also promises to generate substantial employment opportunities. Overall, the complex marks a major milestone in Egypt’s industrial development and economic growth.
