El-Khatib reviews ACWA Power's expansion plans in Egypt at Davos Forum 2026

Updated 1/21/2026 8:35:00 AM

Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib discussed ACWA Power’s investment plans and expansion strategy in renewable energy, water desalination, and green hydrogen projects in Egypt, according to a statement.

In his meeting with Marco Arcelli, CEO of ACWA Power, on the sidelines of the 2026 World Economic Forum in Davos, El-Khatib emphasized the government's commitment to supporting renewable energy investments and streamlining procedures, noting that the Saudi group currently operates two solar power plants with a combined capacity of 350 megawatts (MW).

Meanwhile, the 1.1-gigawatt (GW) Shams solar project is under construction and progressing according to the development schedule, he added.

As for the 2-GW solar power project, El-Khatib affirmed that the state is exerting efforts to overcome certain challenges to secure the required bank facilities and bring the project to its full operational capacity.

The meeting also addressed the company’s future plans in Egypt, including battery storage and wind energy projects, which aim to boost local manufacturing, localize services, and support the national economy while creating job opportunities.

On his part, Minister of Finance Ahmed Kouchouk asserted the importance of Egypt’s shifting to cleaner, more sustainable, and less expensive energy sources by relying on the private sector.

Kouchouk indicated that the public-private partnership (PPP) projects play an effective role in driving private investment in renewable energy.

ACWA Power has submitted bids for three major seawater desalination projects under a PPP model, which will be offered within the coming weeks, the minister added.

He pointed out that the recent tax and customs facilitations reflect a path of trust and partnership with the local and international business community.