Hassan Allam Holding, one of Egypt’s largest private corporations, plans to invest between $50 million and $150 million in renewable energy and seawater desalination projects in Morocco.
Aware of Morocco’s available opportunities” in the renewables and desalination markets, Allam plans to use the holding’s $500 million portfolio in the two sectors to convince local stakeholders and conclude his first investment in the country within the next year.
Hassan Allam Holding currently invests in wind, solar, green hydrogen, and water desalination projects in Egypt. The company also works as a contractor in Algeria, Libya, Qatar, Oman, Saudi Arabia, and Congo.
With plans to expand into the Moroccan market, Hassan Allam Holding is not the only Egyptian firm to express interest in the North African market.
Given the recent promises issued by leading Cairo-based investors, Egyptian investments in Morocco are expected to surge over the coming years.
Last year, Egyptian investments in Morocco reached $250 million. Meanwhile, Moroccan businessmen invested $92.6 million in Egypt with a primary focus on the banking sector.