Hassan Allam Holding to Invest Up to $150 Million in Morocco’s Renewables

Rabat – Hassan Allam Holding, one of Egypt’s largest private corporations, plans to invest between $50 million and $150 million in renewable energy and seawater desalination projects in Morocco.

CEO of Hassan Allam Holding Amr Allam told Asharq Business on the sidelines of the Choiseul Africa Business Forum in Casablanca that his company is “ready to invest” in “brotherly and open” Morocco.

“We have international partners ready to enter with us as investors,” the Egyptian businessman noted, adding that the size of investments would depend on the scale of the renewables projects and the company’s share in them.

“If we enter into a renewable energy plant with a capacity of 50 or 100 megawatts, the investment will range between 50 and 150 million dollars, according to the size of the project and our share in it,” he detailed.

Aware of Morocco’s “available opportunities” in the renewables and desalination markets, Allam plans to use the holding’s $500 million portfolio in the two sectors to convince local stakeholders and conclude his first investment in the country “within the next year.”

Details on potential development projects would be discussed with Moroccan officials in a coming visit to the country.

Hassan Allam Holding currently invests in wind, solar, green hydrogen, and water desalination projects in Egypt. The company also works as a contractor in Algeria, Libya, Qatar, Oman, Saudi Arabia, and Congo.

With plans to expand into the Moroccan market, Hassan Allam Holding is not the only Egyptian firm to express interest in the North African market.

Last week, the CEO of Orascom Investment Holding Naguib Sawiris stated that he is willing to invest $100 million in the Moroccan tech sector with a particular focus on electric vehicle charging stations.

“We will enter the Moroccan market, in the coming years, if we find an open field in which there is no great competition,” Sawiris added at the Choiseul event.

Given the recent promises issued by leading Cairo-based investors, Egyptian investments in Morocco are expected to surge over the coming years.

Last year, Egyptian investments in Morocco reached $250 million. Meanwhile, Moroccan businessmen invested $92.6 million in Egypt with a primary focus on the banking sector, says Asharq Business.