Singapore-based Destiny Energy plans to invest $210 million to build new green ammonia production facilities in Egypt's Suez Canal Economic Zone (SCZONE), the Egyptian investment authority said on Wednesday. The move supports the country's ambitions to become a regional hub for clean energy exports. The anticipated facilities will produce about 300 metric tons of green ammonia and 53 metric tons of green hydrogen daily, equivalent to more than 100,000 metric tons of green ammonia annually, the General Authority for Investment and Free Zones (GAFI) said in a statement. The announcement follows a meeting between GAFI Chief Hossam Heiba and Vijay Sirse, CEO of Destiny Energy. Sirse said the company chose the SCZONE for its robust infrastructure, export facilities, and access to six ports, which will facilitate the shipment of ammonia to target markets, particularly in Europe. The project will rely on wind and solar energy generated within the zone — either developed by the company or sourced from local renewable energy producers — making it fully environmentally sustainable, he added. Heiba said the project would play a strategic role in reducing the carbon footprint of Egyptian exports and help domestic manufacturers comply with the EU's Carbon Border Adjustment Mechanism (CBAM), improving access to European markets. Egypt is offering a tax incentive of up to 55 per cent of investment costs for clean energy projects, recoverable over seven years. It also provides access to green financing through the national NWFE Platform (Nexus of Water, Food and Energy), launched by the Egyptian ministry of planning and international cooperation to support the transition to a green economy. Heiba added that the European Union aims to import 4 million tons of green ammonia by 2030, and that Egypt is well-positioned to capture a significant share following the Comprehensive Strategic Partnership Agreement signed earlier this year between Cairo and Brussels. GAFI organised a site visit for Destiny Energy representatives to the SCZONE to review its infrastructure and renewable energy potential. The authority said growing interest from Singaporean firms followed its participation in the Africa Singapore Business Forum in August, which attracted 700 government and business representatives from both continents. Attribution: Amwal Al Ghad English
