Alfanar Global Development signed agreements worth 2 billion Saudi riyals ($532 million) with Arab Organisation for Industrialisation (AOI) and Benya Holding Group focussing on localisation of technology for renewable energy, and implementation of IT projects, digital solutions, data centres and cybersecurity.

The agreements were signed on the sidelines of the Crown Prince Mohammed bin Salman’s visit to Egypt, the company said in a press statement.

Amer AlAjmi, Executive Vice President of Alfanar Global Development, said: “Alfanar has been present in international markets including the Egyptian market for many years now through our renewable energy projects. In Egypt, we have also contributed towards 50 megawatts at the Benban Solar Park. We look forward to making more investments in Egypt and Africa.”

(Writing by SA Kader; Editing by Anoop Menon)