Alfanar Global Development, based in Saudi Arabia, has agreed to invest $532 million across multiple industries, including information technology (IT) and renewable energy, with the Arab Organisation for Industrialization (AOI) and Benya Holding Group.
The agreements, signed during the visit of Saudi Arabia’s Crown Prince Mohammed bin Salman to Egypt last week, are focused on the localization of technology for renewable energy, and implementation of IT projects, digital solutions, data centers, and cyber security.
The agreements, envisaging a total investment of SAR 2 billion ($532 million) were inked at the headquarters of the General Authority for Investment and Free Zones (GAFI) in Cairo.
Engr Amer AlAjmi, executive vice president of Alfanar Global Development, said the company was looking forward to making more investments in Egypt and Africa.
“Alfanar has been present in international markets, including the Egyptian market, for many years now through its renewable energy projects. In Egypt, we have also contributed towards 50 MW at the Benban Solar Park,” AlAjmi said.
“Alfanar has gained a growing regional and international reputation by diversifying its portfolio of projects and services globally,” he added.
The company currently has a presence in businesses across the digital solutions, energy, water, oil and gas, social infrastructure, and healthcare sectors through its various business divisions and sub-brands.
