BAKU, Azerbaijan, December 14. 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, TurkicWorld reports via Asharq Al-Awsat.
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, Reuters quoted the cabinet as saying in a statement.
The deal marks the first Qatari industrial investment in the Suez Canal Economic Zone, Egypt said.
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.
