EGYPTIAN Castle Investments (www.egy-castle.com www.egy-castle.com), a leading regional trading company, has increased its investments in the MEA region by signing a strategic agreement with Korea's Global Knowledge Company (GKC), one of the world's foremost energy companies. The Memorandum of Understanding (MOU) is the latest agreement between the two firms and highlights Egyptian Castle Investments growing strength and reputation in the commodities sector as well as its aggressive expansion plans.
Mohamed Atta Gad, Chairman and Managing Director of Egyptian Castle Investments, said "our strategic MOU also signifies the potential Egyptian Castle and GKC sees for sustainable energy solutions in the Middle East and African markets. With the Middle East and Africa's energy demands predicted to rise exponentially in the coming decades, renewable energy is an effective way to meet future energy demand."
Under the terms of the agreement, Egyptian Castle Investments will be one of GKC's main agents throughout the Middle East and Africa, including the UAE, Saudi Arabia, Egypt, Sudan, Morocco, Tunisia, Algeria, Libya, Kenya, Tanzania, Nigeria, Senegal, Namibia, and South Africa. The company will be responsible for consulting and recommending optimal sites to implement sustainable or renewable energy projects.
Energy demand in the MEA region is expected to sky rocket, with latest sources estimating energy demand will grow by 30 percent in the coming decade. This is prompting countries to seek alternatives from the rising cost of traditional sources such as electricity. Sustainable energy such as wind or solar has the advantage of being more cost effective as well as incredibly resource efficient, thus creating far less impact on the environment.
© The Saudi Gazette 2013
