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00:00 The project is important for Egypt because it is one of the projects that will benefit the state, especially from the currency.
00:12 Because the project is a partnership between us as Aqua Power and the Egyptian government.
00:17 For example, there is the Egyptian sovereign wealth fund, which is also in cooperation with the economic area in Egypt.
00:33 So, the government is a major partner in this project.
00:37 How will you allocate $4 billion to the project? How much funding will it be, Mr. Hassan?
00:45 The amount of funding, as you said, is $4 billion.
00:50 The first step is the signing of the agreement.
00:56 I forgot to mention that the agreement was signed in the summer.
01:02 Today, the land was allocated to the project, whether the land we need to generate electricity from renewable energy
01:15 that will feed the production unit of the land or the land in the Suez Canal economic area to produce hydrogen.
01:27 We will start working on studies in different locations,
01:33 whether the location of the renewable energy production, wind energy and solar energy.
01:40 You know that these lands need studies, both for wind speeds and for the migration of birds,
01:48 to know how much their production will be.
01:51 And also studies on other lands that are available in the economic area to produce hydrogen.
01:59 This is the next step, and we will start immediately with the signing of the agreement.
02:04 We will also start to approach all international funding agencies,
02:10 which we have a good reputation with, and a good experience with,
02:16 in projects, whether it's green hydrogen or other renewable energy projects in general.
02:23 We will start working on funding, because it's a huge project, not a small one.
02:30 During this period, we have seen fluctuations in the exchange rate.
02:34 Mr. Hassan, how have some of your projects and the implementation process,
02:39 or even the financing process and its costs, affected you during this period?
02:44 And how were you able to avoid them?
02:46 The fluctuation in the exchange rate is more affected by the projects that are paid in local currency.
03:01 These are the projects that are affected, because then we need to convert this local currency
03:08 to the foreign currency, or the dollar, for example, or something like that.
03:14 So here, there is a fluctuation.
03:16 As for the projects that are paid in the dollar or the hard currency,
03:21 the impact is not as you imagine, because it is already a cost in the hard currency,
03:29 and the payment is in the hard currency,
03:31 which means the existing projects in Egypt already.
03:34 When we talk about green hydrogen, we are talking about a whole project in the hard currency,
03:42 and we have funded it, and this is a product that we are selling to the Egyptian government,
03:47 on the contrary, the Egyptian government, as I said before, is a partner with us,
03:51 so there will be no impact at the current stage.
03:55 We are sure that it will not last long due to the shortage in the hard currency,
04:03 which means in the hard market.
04:05 In short, the wind energy project that will be launched in 2024,
04:09 did you start it, Mr. Hassan?
04:11 You mean the project that is 1,100 megawatts of wind energy in the Gulf of Suez?
04:18 Correct, yes.
04:19 This is a project, in total, the investments are about 1.5 billion dollars.
04:25 As you know, we have already signed the agreement to buy the energy with the Egyptian Ministry of Energy,
04:32 and the government guarantee has also been signed with the Ministry of Finance.
04:39 All the documents of the project are expected.
04:45 We have already started the studies on the site,
04:49 we have already passed a lot of conditions,
04:51 so that we can start the construction on the site,
04:55 which is expected to start in the middle of 2024, God willing, as scheduled.
05:00 We wish you good luck, Mr. Hassan.
05:02 You are welcome.
05:03 This is the largest project in the Middle East,
05:06 in terms of wind energy.
05:08 This project is 1,100 megawatts in the Middle East.
05:12 Thank you.