Amr Allam, CEO of Hassan Allam Holding, announces that his company is engaging in a partnership with Masdar in a green hydrogen project at the Suez Canal Economic Zone (SCZone) with investments of $10 bn pledged over 7-10 years, Invest-Gate reports.

The two companies will build green hydrogen plants that can produce up to 480,000 tons of green hydrogen a year. The first facility will produce 100k tons of e-methanol annually to use as green fuel for ships. The plant is set to become operational by 2026.

Allam notes that the company focuses on renewable energy projects, including solar and wind energy and green hydrogen.

He adds that Hassan Allam prepares to reveal a big solar power project in partnership with the Egyptian government during the 2022 United Nations Climate Change Conference (COP27).

The company plans to expand in Egypt’s logistics sector by acquiring a group of companies and launching new projects.