With investments exceeding $5 billion, Saudi Arabia signs an agreement to expand green energy projects

By Manal Abdel Fattah

Al Sharif Holding Group in the Kingdom of Saudi Arabia sponsored the first economic forum between the state of Gabon in Africa and France, which was held in the French capital, Paris, last Wednesday.

According to a statement issued by the holding company, the participation comes within the framework of its commitment to strengthening economic and trade relations with Gabon, as part of the group’s strategy to expand its business globally in green energy projects, as it has a long history of successful investment in promising African countries.

The economic forum was held under the slogan “For a Renewed Partnership”, and in the presence of the President of the Republic of Gabon, Brice Clotaire Olégué, the Minister of Energy and Hydraulics, Mr. Jeannot Kalema, the Minister of Finance and Economy, Mismussi, in addition to an elite group of executives from major international companies, while the participation of Al Sharif Holding Group is considered a sponsor and partner. Official event confirmation of its commitment to developing and promoting investments in Gabon.

During the forum, a memorandum of understanding was signed between the Gabonese government, Al Sharif Holding Group, and “Hydorma Inc.” to produce green and white hydrogen in Gabon, which includes two main stages: establishing a 200 megawatt hydraulic power generation station to supply the water analysis station with electricity, which will enable the production of 200,000 tons/year of green hydrogen at an estimated cost of $900 million.

Hydrogen production will also be increased to reach 1.6 million tons/year at an estimated cost of $4.6 billion, as the step reflects Al Sharif Holding Group’s commitment to investing in sustainable and green energy, in line with the goals of the Kingdom of Saudi Arabia’s Vision 2030.

It is worth noting that Al Sharif Holding Group, which is headquartered in Jeddah, was founded in 1980 and has so far succeeded in implementing a wide range of projects in the areas of enhancing the infrastructure of the energy sector. The group is also looking forward to enhancing its expertise in the field of contracting and becoming an example to be emulated for local and global investment. .

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