Sign in
Fujairah has inked an MoU with Egypt to build a USD 3 bn petroleum logistics zone at Al Hamra Port on the Mediterranean coast, according to a statement by the Egyptian Cabinet. The construction of the zone is expected to take three years after kicking off in 1H 2025, following the completion of technical studies, a senior Egyptian official told Asharq Business.
Still ironing out the details: The emirate is currently negotiating with Egypt’s petroleum authority to decide on whether to develop the zone jointly at Al Hamra Port in El Alamein, or whether the emirate will acquire the plot independently for a fee, the official revealed.
We knew this was coming: Last April, the emirate signed a preliminary agreement with Egypt and Adnoc petrochemicals JV Borouge to set up a freezone focused on the production, storage and trade of oil and its derivatives. The emirate also discussed investing in Egypt’s petroleum sector during a visit by Egyptian Petroleum minister Karim Badawi to Fujairah last month. The two sides talked about partnering to develop joint projects, aimed at enhancing the Egyptian sector’s capacities.
Fujairah will help ramp up Egypt’s energy supply: Under the agreement, Fujairah might export petroleum products to the local Egyptian market through Fujairah Oil Industry Zone’s partnerships with global oil and gas suppliers, by “offering a competitive edge to the Egyptian General Petroleum Corporation,” the statement reads.
Egypt to get an Emirati industrial zone? The UAE and Egypt are also in talks to build an Emirati industrial zone in Egypt’s East Port Said, which would include solar and wind energy, sewage treatment, seawater desalination, and aluminum manufacturing projects, according to a statement by the Egyptian Industry and Transport Ministry. The zone could also be a freezone or special economic zone exempt of customs duties, the statement said.
