Egypt has signed a USD 7 billion agreement with Shard Capital Partners for a new petrochemical facility in New Alamein. The project will create around 20,000 construction jobs and 3,000 permanent positions, producing 3.1 million tons of products annually. Legal advice was provided by Zaki Hashem, and the facility collaborates with international partners from Abu Dhabi and Saudi Arabia.
The Egyptian government has signed an agreement with Shard Capital Partners to develop a USD 7 billion petrochemical processing facility in North Africa. Legal counsel for the deal, formalized at the Egypt Energy Show, was provided by Cairo-based law firm Zaki Hashem. Collaborating with Shard Capital on this project are Abu Dhabi Capital Group’s Royal Strategic Partners and Saudi Arabia’s Al-Qahtani Group.
The facility will be constructed in New Alamein and aims to generate around 20,000 jobs during its construction phase, transitioning to 3,000 permanent positions upon completion. It will utilize modern technology to produce approximately 3.1 million tons of crude-oil-derived products annually, enhancing Egypt’s petrochemical production capabilities.
Bill Blain from Shard Capital remarked, “Signing this agreement marks a historic milestone for Shard Capital and reflects our deep commitment to advancing Egypt’s petrochemical sector.” He emphasized the project’s potential to significantly improve efficiency in petrochemical production through innovative technologies.
Yasser Hashem, managing partner of Zaki Hashem, expressed pride in his team’s role in the project. He stated, “This project represents a key milestone not only for Shard but also for Egypt’s economic future.” His team included senior associate Nour Ossama, who provided substantial legal support.
In related news, Gulf Insurance Group initiated a merger with the Egypt subsidiary of American International Group, seeking legal assistance from Clyde & Co’s affiliate, Barakat, Maher & Partners. This highlights ongoing business developments in the region’s insurance sector.
The USD 7 billion petrochemical facility agreement underscores Egypt’s growing industrial capacity and commitment to advancing its petrochemical sector. The project is anticipated to create significant employment opportunities and leverage advanced technology for efficient production, marking a substantial investment in Egypt’s economic landscape. The involvement of international partners further emphasizes the strategic importance of this initiative.
Original Source: www.africanlawbusiness.com
