Egypt has signed a contract with Qatar’s Al Mana Holding for a $200 million first-phase investment to produce sustainable aviation fuel from used cooking oil in the Suez Canal Economic Zone at Ain Sokhna, the Egyptian cabinet announced on Sunday.
According to Reuters, the project will be developed in three phases across 100,000 square metres in the Integrated Sokhna Zone on Egypt’s Red Sea coast.
The first phase is expected to produce 200,000 tonnes annually. The deal represents the first Qatari industrial investment in the Suez Canal Economic Zone.
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Egypt has been actively seeking foreign investments, particularly from wealthy Gulf states, to address heavy foreign debt and a large budget deficit.
Prime Minister Mostafa Madbouly said the project “reflects the positive momentum in relations between Cairo and Doha, driven by the shared political will to advance bilateral cooperation through joint investments and increased trade.”
Last month, Qatar’s sovereign wealth fund committed $29.7 billion to a luxury real estate and tourism project on Egypt’s Mediterranean coast, marking the largest Qatari investment since diplomatic relations were restored after the 2017–2021 economic rift, when Egypt, Saudi Arabia, the UAE and Bahrain cut ties with Qatar over alleged support for terrorism, which Doha denied.
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Image Credit: Arab News
