(MENAFN- Daily News Egypt) The UAE-based sustainability giant, BEEAH Group, plans to expand its operations into Egypt, with a potential investment of AED 500m in the country's waste management sector.
A meeting between Egyptian Environment Minister Yasmine Fouad and a BEEAH delegation on Saturday explored potential partnerships in waste-to-energy, medical waste management, and agricultural waste management.
The attendees included Fahad Shehail, Group Chief Operating Officer of BEEAH Group; Ali Al Nabqawi, CEO of BEEAH Waqayah; Zouheir Sabra, Group Chief financial and Investment Officer of BEEAH Group; Rafael Sanjurjo Lopez, CEO of BEEAH Tandeef; and Yasser Abdullah, Assistant Minister for Waste Management and Acting Chairperson of the Waste Management Regulatory Authority.
Fouad emphasized promising cooperation opportunities between Egypt and the UAE, spanning various fields such as renewable energy and green hydrogen. These opportunities extend beyond traditional bank financing and can significantly impact the region.
As countries align climate goals with investment strategies, the importance of investing in mitigation areas like renewable energy and desalination grows. Developing nations prioritize adaptation efforts alongside climate commitments.
Fouad reaffirmed the government's commitment to promoting investment and addressing investor challenges. The real investment lies in building trust and fostering joint relations. The Ministry of Environment plays a crucial role as a coordinator between ministries and implementing agencies, preparing opportunity packages and overcoming policy challenges.
The Egyptian Ministry of Environment evaluates reforms based on environmental and climate policies. These reforms align with the National Climate Strategy 2050 and the Updated National Contributions Plan, emphasizing private sector engagement and awareness.
Egypt's waste management system began evolving six years ago under President Abdel Fattah Al Sisi's supervision. A circular economy-based waste management regulation law was established, viewing waste management as a service. Private sector involvement was enhanced, with infrastructure costs exceeding EGP 9bn.
Regarding waste-to-energy investment, Minister Fouad aims to finalize updated feed-in tariffs, boosting investor confidence in legal frameworks and infrastructure support for waste-to-energy initiatives. Regularizing informal labour status, in collaboration with the ministries of social solidarity and labour, paves the way for future investments in waste-to-energy.
Fouad also spoke about cooperation opportunities through the Integrated Solid Waste Management Complex in the 10th of Ramadan as a complete waste management city on an area of 1,200 acres that includes municipal, medical, construction, and demolition waste management mechanisms, serving Cairo and Qalyubeya governorates, in cooperation with the World Bank. The design has been completed, the infrastructure is being completed, and it will be offered to the private sector for operation.
The Egyptian Minister of Environment also referred to cooperation opportunities with the UAE group in one of the medical waste management projects in Giza, and also a recycling plant for agricultural waste from palm cultivation in cooperation with the New Valley Governorate to convert it into wood for export, with investments amounting to €70m.
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