CAIRO DEALMAKERS

Egypt comes out with billions in deals from European summit

EC President Ursula von der Leyen told the Egypt-EU Investment Conference that contracts potentially worth $43 billion were being negotiated 

European Commission President Ursula von der Leyen spoke at the investment summit (Getty Images)

Egypt emerged from its weekend huddle with the European Union holding signed agreements for billions of dollars in business deals ranging from construction projects to renewable energy.

European Commission President Ursula von der Leyen told the Egypt-EU Investment Conference outside Cairo on Saturday that deals potentially worth over 40 billion euros ($43 billion) were being negotiated with Egyptian partners.

Among them were agreements on four green ammonia projects including an $11 billion deal with Frankfurt-based DAI Infrastruktur.

The Sovereign Fund of Egypt also signed a deal with BP, UAE’s Masdar, Egyptian infrastructure company Hassan Allam Utilities and Infinity Power to invest in a green ammonia plant in Ain Sukhna Port on the western coast of the Gulf of Suez.

EU officials said they would move ahead with plans to invest up to 1 billion euros  in the Egyptian economy, the first tranche of a 7.4 billion-euro European aid package agreed upon in March.