UK to Discusses Ways to Invest in Egypt’s Renewable Energy, Health Sectors

As Egypt endeavours to facilitate access to its economic market, the UK’s Department for International Trade (DIT) at the British Embassy in Cairo organised two rounds of the British Investors Forum (BIF) this week; the first focused on exploring investment opportunities in Egypt’s renewable energy sector and the second in its health sector.

The first round of the forum saw the participation of four companies and was attended by the Office of Gas and Electricity Markets’ (OFGEM) chairman Martin Cave, who is already cooperating with Egypt’s Energy Regulatory Authority (Egypt-ERA). Alongside embassy representatives, he discussed with investor companies how to access the Egyptian renewable energy sector. He also explained the improved business environment and some of the different investment opportunities.

The UK has recently signed agreements with more than $1 billion in new investments in green hydrogen production, including Globeleq, who, during COP27, signed a framework agreement with Egyptian counterparts to build a green hydrogen facility within the Suez Canal Economic Zone.

Companies in this round included Vodafone, Globeleq, HSBC, Lightsource Group-British Petroleum.

The second round of the forum saw the participation of five companies and was attended by the National Institute for Health and Care Excellence’s (NICE) international team. NICE provides the NHS in England with clinical, social care, and public health guidelines and health technology assessment guidance and its international team support countries in improving their nation's health and wellbeing. Working with Egypt’s Unified Procurement Authority (UPA), helping to enhance the health technology assessment system in Egypt, NICE representatives were able to share how health technology assessment contributes to driving innovation into the hands of health and care professionals. This in turn, can contribute to making the Egyptian health market attractive for investors.

The UK is currently supporting Egypt’s Universal Health Insurance governance system providing technical assistance through the World Bank.

Companies in this round included GSK, Astrazeneca, Unilever and Vitabiotics.

British Ambassador to Egypt Gareth Bayley said: “One of our top priorities is mutual economic prosperity and trade for Egypt and the UK. With the start of the New Year, it was great to meet with key British investors to learn more about their needs and help them identify opportunities and ways of accessing the Egyptian market. In parallel to Egypt’s current and future plans, we aim to engage the British private sector in Egypt’s economic journey.”

OFGEM’s chairman Martin Cave said: “Cooperation between the UK and Egypt – especially as part of the Regulatory Energy Transition Accelerator (RETA) – is vital to help both countries reach their net zero targets. Through sharing knowledge, ideas and expertise we hope to implement meaningful reforms that support decarbonisation, energy security and inclusive economic growth.”

Pilar Pinilla-Dominguez, Associate Director of the NICE International team said: “Health technology assessments, based on rigorous and transparent appraisal of evidence deliver innovative products into the healthcare system, benefiting both the individual and society as a whole.”

NICE International is proud to share NICE’s expertise in evidence based decision making to support countries like Egypt in improving their nation's health and wellbeing. By doing so, NICE also gains learnings that help shape NICE’s work.