The signing came during a meeting with the CEOs of several Norwegian companies, held on the sidelines of President El-Sisi's official visit to Norway as part of his European tour.   

According to the statement, the meeting discussed enhancing investment cooperation between Egypt and relevant Norwegian entities and companies.

The meeting also highlighted Egypt’s key policies related to its economic development plan, empowering the private sector, and attracting more foreign direct investments. 

During the meeting, President El-Sisi emphasized that Egypt prioritizes developing its renewable energy sector.  

Additionally, he underscored the country's considerable potential in this area, including natural resources and infrastructure, referring to Egypt's national strategy to increase reliance on renewable energy, the statement read. 

The statement added that the meeting addressed opportunities to enhance trilateral cooperation in Africa to support the continent's development, highlighting the role of Egyptian companies and the potential to leverage their expertise for shared, tangible support to Africa and its people. 

The Norwegian company Empower New Energy, founded in 2017, is a renewable energy financier and co-developer that funds, builds, and owns clean power plants for commercial, industrial, and agricultural energy users. 

In 2022, the company executed eight solar projects in Egypt, Ghana, and Nigeria, signing over $30 million in contracts with off-takers in Egypt, Morocco, Ghana, and Nigeria. 

Majid Al Futtaim has a long-standing presence in Egypt, which started 22 years ago with the introduction of Carrefour, City Centre Maadi, and City Centre Alexandria.  

Green investment
 

On Tuesday, President El-Sisi also met with the CEO of Norway's Scatec, a leading renewable energy solutions provider, the CEO of the Norwegian Investment Fund for Developing Countries (Norfund), and the CEO of Norway's Yara, the world’s leading crop nutrition company and a provider of environmental and agricultural solutions.  

A presidential statement said the discussions highlighted Egypt's ambitious economic development programme, the importance of the private sector, attracting foreign direct investment, and supporting foreign companies operating in Egypt. 

El-Sisi praised the ongoing cooperation between Egypt and Norwegian companies in the field of green investment, reaffirming Egypt's aspiration to become a regional hub for green energy and its commitment to supporting related projects.