Consortium comprising Egyptian tycoon Hassan Allam’s firm secures land for $10-billion project

A consortium led by UAE-based renewable energy company Masdar and Hassan Allam Holding, a privately held engineering, construction, and infrastructure firm founded by Egyptian businessman Hassan Allam, has reached an important milestone in Egypt’s ambitious wind energy project.

The consortium has acquired the required land to commence construction on the $10-billion initiative announced last year.

The upcoming wind energy project aims to establish onshore wind farms with a total capacity of 10 gigawatts. This significant development will bring Egypt closer to its objective of reducing carbon emissions by 9 percent annually.

Egypt has set an ambitious target of sourcing 42 percent of its energy from renewable sources by 2030. The country aims to save an estimated $5 billion in natural gas costs annually by achieving this goal.

Masdar, a government-owned renewable energy company, expressed its commitment to supporting African nations like Egypt in meeting their renewable energy objectives.

Masdar Chairman Sultan Al-Jaber, who also serves as UAE industry and advanced technology minister and COP28 president-designate, hailed the wind energy project as a significant achievement.

Hassan Allam Holding, led by Allam and his brother Amr, is one of the largest privately held corporations in Egypt, North Africa, and the Middle East.

Over the years, the company has gained substantial experience and expertise in the engineering and construction sector.

With a construction backlog exceeding $2.8 billion, Hassan Allam Holding continues to drive growth and deliver large-scale projects that contribute to the region’s economic development.

The wind energy project in Egypt represents a significant stride towards sustainable energy production, positioning Egypt as a leader in renewable energy adoption in Africa.

As the construction phase begins, the consortium’s efforts are expected to bring substantial benefits to the country, including job creation, carbon emission reduction, and a reliable source of clean electricity.