Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), met with Vijay Sersi, CEO of Singapore-based Destiny Energy, to discuss the company's plans to establish a green ammonia production facility in Egypt. Sersi stated that Destiny Energy plans to invest $210m to build facilities capable of producing 53 metric tonnes of green hydrogen and 300 tonnes of green ammonia per day—equivalent to over 100,000 tonnes annually—within the Suez Canal Economic Zone (SCZONE). He highlighted that the zone's robust infrastructure, strategic location, and investment incentives make it a regional hub for renewable energy projects, particularly with its six ports that can facilitate green ammonia exports to international markets. The CEO explained that the project will rely on future wind and solar power capacities within the SCZone, either developed by Destiny Energy or sourced from existing renewable energy companies operating in the area. This will ensure the project remains environmentally sustainable at every stage. By leveraging clean power sources, the company also aims to lower overall production costs—since energy typically accounts for around 70% of total costs in green ammonia production—making the output more competitive for Egyptian and European buyers. For his part, Heiba described the project as strategically significant for Egypt's economy. Supplying green ammonia to Egyptian factories, he said, would help reduce the carbon footprint of exported goods and ensure compliance with the EU's Carbon Border Adjustment Mechanism (CBAM), thereby boosting the competitiveness of Egyptian exports in the country's largest trading partner—the European Union. Heiba reaffirmed the government's strong support for clean-energy investments, whether through incentives such as tax rebates of up to 55% of total investment costs over seven years, or through development financing available via the Egypt Nexus of Water, Food and Energy (NWFE) platform. Launched by the Ministry of Planning, Economic Development and International Cooperation, the NWFE initiative promotes a just transition towards a green economy. He added that the EU is keen for Egypt to secure a substantial share of its green ammonia imports—expected to reach 4 million tonnes by 2030—particularly following the signing of the Comprehensive Strategic Partnership Agreement between Egypt and the EU. GAFI organised an inspection tour for representatives of Destiny Energy within the Suez Canal Economic Zone to showcase the area's advanced infrastructure, export connectivity, and diverse renewable energy sources. The authority also participated in the Africa–Singapore Business Forum held in late August, which gathered over 700 representatives from governments and business institutions across Asia and Africa. The event has helped strengthen interest from Singaporean companies in investing in Egypt, in line with the government's strategy to diversify investment sources and enhance long-term economic sustainability.
