Egypt and Al Mana sign $200m sustainable aviation fuel deal
Egypt signed a contract with Qatar’s Al Mana Holding for a first-phase investment of $200 million to produce sustainable aviation fuel from used cooking oil in the Suez Canal Economic Zone at Ain Sokhna, Egypt’s cabinet said on Sunday.
The project will be developed in three phases and will span 100,000 square metres in the Integrated Sokhna Zone on Egypt’s Red Sea coast. The first phase will have an estimated annual production capacity of 200,000 tonnes, the cabinet said in a statement.
The deal marks the first Qatari industrial investment in the Suez Canal Economic Zone, Egypt said.
Egypt has for years been pushing to secure foreign investments, especially from wealthy Gulf states, as it seeks to tackle heavy foreign debts and a gaping 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, the real estate arm of Qatar’s sovereign wealth fund said it would invest $29.7 billion to develop a luxury real estate and tourism project on Egypt’s Mediterranean coast.
That deal marked the largest Qatari investment in the country since diplomatic relations were restored following a 2017–2021 economic rift when Egypt, Saudi Arabia, the UAE and Bahrain cut ties with Qatar, accusing it of supporting terrorism and aligning too closely with Iran, charges Doha denied.
Further reading:
- Arab airlines criticise EU over cost of green fuel policy
- Egypt starts airport privatisation process
- Qatar predicts $6bn budget deficit for 2026
You May Also Like
BlackRock boosts AI and US equity exposure in $185 billion models
Alameda Research recovers 500 BTC, still holds over $1B in assets
