Egypt has inked a landmark framework agreement with UK-based Shard Capital and Saudi Arabia’s Al-Qahtani Group to develop a $7 billion petrochemical complex in New Alamein City. The announcement was made during the Egypt Energy Show (EGYPS 2025) last week.

The ambitious project, spearheaded by a consortium comprising Shard Capital, UAE’s Royal Strategic Partners, and Al-Qahtani Group, aims to establish a state-of-the-art facility capable of producing 3.1 million tonnes per year of eight specialized petrochemical products. The complex will leverage crude oil as its primary feedstock and incorporate a refinery and a mixed steam cracker unit designed to achieve exceptionally high conversion rates.

Shard Capital, the project leader, revealed that the complex will be located in northwestern Egypt, with detailed product breakdowns to be released at a later stage.

Minister of Petroleum and Mineral Resources of Egypt, Karim Badawi, emphasized the project's strategic importance in adding significant value to Egypt's natural resources. He highlighted the complex's commitment to adopting advanced technologies that ensure environmental sustainability and operational efficiency, adhering to the highest global environmental standards.

Beyond its economic contributions, the project is expected to deliver substantial benefits to the local community. Minister Badawi underscored its role in fostering community development by supporting the surrounding areas and the local population.

The collaboration between Egypt, the UK, and Saudi Arabia underscores the strong international partnerships driving Egypt's economic diversification. The presence of the British Ambassador to Cairo, the CEO of Shard Capital, and the CEO of Al-Qahtani Group at the signing ceremony highlighted the collaborative spirit and the significance of this trilateral partnership.

Shard Capital announced initial discussions with Egypt-based Orascom Construction for potential investment in the construction and operation of the complex's outside battery limits on a Build-Own-and-Operate basis. This potential collaboration with Orascom Construction, a global engineering and construction contractor, further solidifies the project's strong foundation and ensures its successful implementation.

The development of the petrochemical complex is expected to significantly enhance Egypt's export capabilities, playing a pivotal role in driving economic growth and strengthening its global market position. By boosting local expertise in the petrochemical sector, the project will contribute to long-term sustainable development and create numerous job opportunities.

Shard Capital emphasized that this "transformative venture" will not only bolster Egypt's local economy but also strengthen strategic ties between Egypt, the Gulf countries, and the United Kingdom. The project's multifaceted benefits, including economic growth, environmental sustainability, and community development, underscore its significance as a key driver of Egypt's future prosperity.