In order to create jobs and stimulate economic growth, Shard Capital, in collaboration with Saudi and UAE companies, signs a $7 billion deal with Egypt to construct a state-of-the-art petrochemical complex.

An independent financial services firm with its headquarters in London, Shard Capital Partners, in partnership with Royal Strategic Partners of the United Arab Emirates and Al-Qahtani Group of Saudi Arabia, has announced the signing of a Framework Agreement with Egypt's Ministry of Petroleum and Ministry of Investment for the construction of a groundbreaking petrochemical complex in the New Alamein City industrial zone.

Additionally, Shard Capital and Orascom development are in preliminary talks on an investment in the Build Own and Operate model for the complex's development and operation outside of battery boundaries.

According to Shard Capital's statement, the project, which is expected to cost $7 billion, would boost Egypt's economic development by creating 20,000 jobs during the building phase and 3,000 permanent roles once it is operational.

According to the statement, this revolutionary project would boost Egypt's domestic economy, advance Egyptian petrochemical industry knowledge, and fortify strategic connections between Egypt, the Gulf nations, and the United Kingdom.

It seeks to increase Egypt's industrial competitiveness internationally while promoting sustainable development.

The project will create an integrated complex that can produce eight specialized petrochemical products yearly, with a capacity of about 3.1 million tonnes. The plant, which will use crude oil as its main feedstock, will also have a refinery and a mixed steam cracker unit that is intended to reach one of the greatest conversion rates in the world, it continued.

The signing of this deal is a significant turning point for Shard Capital and demonstrates our unwavering dedication to developing Egypt's petrochemical industry, according to William Blain, Capital Markets Advisor at Shard Capital Partners.

He added that the complex and Egypt will benefit greatly from this important project, which will transform the industry by utilizing state-of-the-art American and European technologies to convert raw materials into specialized petrochemicals as efficiently as possible.