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 plans for a green ammonia production facility in Egypt. The company intends to invest $210m to build facilities producing over 100,000 tonnes annually in the Suez Canal Economic Zone.
In the meeting, Sersi stated that the facilities would produce 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 the zone’s robust infrastructure, strategic location, and investment incentives, making it a regional hub for renewable energy projects, particularly with its six ports facilitating green ammonia exports to international markets.
The project will rely on future wind and solar power capacities in the SCZone, either developed by Destiny Energy or sourced from existing renewable energy companies, ensuring environmental sustainability at every stage. By leveraging clean power sources, the company aims to lower overall production costs—since energy accounts for around 70% of total costs in green ammonia production—making the output more competitive for Egyptian and European buyers.
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 to its largest trading partner, the European Union. He reaffirmed the government’s strong support for clean-energy investments through incentives such as tax rebates of up to 55% of total investment costs over seven years, or development financing via the Egypt Nexus of Water, Food and Energy (NWFE) platform, launched by the Ministry of Planning, Economic Development and International Cooperation to promote a just transition to 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 Destiny Energy representatives in 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, helping strengthen Singaporean interest in investing in Egypt in line with the government’s strategy to diversify investment sources and enhance long-term economic sustainability.