Qalaa Holdings to inject up to $1.7bln in energy projects - Chairman

Invested billions of pounds in energy, refining, and solar power


Qalaa Holding is planning to inject investments ranging between EGP 30 billion and EGP 32 billion over the next three years, chairman Ahmed Heikal has said.

Speaking on the sidelines of a press conference by the Ministry of Investment and International Cooperation on Monday, the top official noted that the new investments will contribute to financing the Egyptian refining project and a number of investments in other sectors.

Qalaa Holding has made investments worth EGP 18.6 billion over the past 18 months, Heikal told reporters during the event.

Speaking about the company’s projects in 2017, the chairman said that Qalaa had invested billions of pounds in energy, refining, and solar power in Benban, the world’s largest solar-powered project. He added that his company had invested in natural gas delivery added to the opening of 10 gas stations and waste management projects among others.

Qalaa Holding previously announced that it had invested EGP 1.35 billion in its first project for generating solar power through photovoltaic (PV) cells.

Qalaa last reported shrinking its losses to EGP 183.9 million in the three months ended March, from EGP 596.08 million in the same period of 2017.

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