Shard Capital Partners, in partnership with Royal Strategic Partners and Al-Qahtani Group, has signed a $7 billion framework agreement with Egypt's Ministry of Petroleum and Ministry of Investment for the development of a petrochemical complex in New Alamein City.

The project, which will create 20,000 jobs during construction and 3,000 permanent positions upon operation, aims to boost Egypt's economic development and enhance its expertise in the petrochemical sector.

The integrated complex will produce approximately 3.1 million tonnes of eight specialised petrochemical products annually, using crude oil as its primary feedstock.

William Blain, Capital Markets Advisor at Shard Capital Partners, said: "Signing this agreement marks a historic milestone for Shard Capital and reflects our deep commitment to advancing Egypt’s petrochemical sector."

"We are proud to be part of this critical project that will revolutionise the industry by leveraging cutting-edge American and European technologies to ensure maximum efficiency in converting raw materials into specialised petrochemicals while delivering exceptional returns for both the complex and Egypt," observed Bain.

According to him, the complex will rely on the most advanced American and European technologies, including solutions provided by Honeywell and other leading global companies, ensuring maximum efficiency and sustainability while reducing waste and carbon emissions.