The Cabinet also approved the signing of a land usufruct agreement between the New and Renewable Energy Authority and Alcazar Energy, in accordance with the regulatory framework issued under Cabinet Resolution No. 54 of 2023.
Egypt’s Cabinet approved the signing of a power purchase agreement between the Egyptian Electricity Transmission Company and UAE-based Alcazar Energy for electricity generated by the company’s planned 407-megawatt wind power project in Zaafarana, which will be developed under the build-own-operate, or BOO, model.
The Cabinet also approved the signing of a land usufruct agreement between the New and Renewable Energy Authority and Alcazar Energy, in accordance with the regulatory framework issued under Cabinet Resolution No. 54 of 2023.
During the same meeting, the Cabinet approved a draft resolution to establish an investment zone dedicated to a residential, commercial, administrative, hotel, entertainment, tourism and medical development, along with other complementary activities.
The project, named The Spine, will be located within the Madinaty development in New Cairo and will cover approximately 506 feddans.
The Cabinet also approved licensing a specialised urban development company to establish and develop the investment zone.
The project’s total investment cost is estimated at around LE1.4 trillion, and it is expected to create approximately 55,000 direct jobs.
The Cabinet also authorised the Alexandria Port Authority to proceed with contracting procedures with Trident Logistics and Services, an Egyptian joint-stock company currently being established under the private free-zone system.
The company will be granted the right to use a land plot located behind Alexandria Port to establish a logistics project operating under the private free-zone system.
The planned facility will receive, unload, store and package bulk chemical raw materials arriving at Alexandria Port, before repackaging and exporting them after meeting the requirements of the local market.
The approval comes as part of the state’s efforts to develop an integrated transport and logistics system, in line with presidential directives to transform Egypt into a regional hub for transport, logistics and transit trade.
