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Egypt’s Environment min., 10 firms on Forbes list of Middle East’s Sustainability Leaders 2024
- Egypt’s Contact Financial Holding, Valu, Beltone Holding included in five-strong Green Finance category
- Egypt’s Juhayna, EFG Holding, Qalaa Holdings, Elsewedy Electric, Hassan Allam Holding, Infinity Power, El Gouna also on Forbes list
Egypt’s Environment Minister Yasmine Fouad was placed on the Forbes list of Middle East’s Sustainability Leaders 2024 in the category of the 10 Government Leaders.
This is the second year in a raw for Fouad to be named on the list in the same category.
Moreover, 10 Egyptian companies were included on the list in different categories. Egypt was strongly represented in the five-strong Green Finance category as three Egyptian companies were named in this category.
Hanaa Helmy, Chief Sustainability Officer at Egypt’s EFG Holding & CEO of the EFG Foundation, was named on the Forbes list in the category of Banking and Financial Services.
In 2023, EFG’s energy transition investment platform, Vortex Energy, invested $80 million in electric vehicle charging solutions company, EO Charging, with Zouk Capital. Its banking arm, Bank NXT formerly known as aiBANK, also launched a campaign that enables clients to secure financing of up to $82,000 to purchase eco-friendly electric or hybrid cars, and EFG Holding’s financial technology company, Valu partnered with solar energy suppliers to offer buy now, pay later solutions for solar panels.
Mohamed Ismail Mansour, Chairman of Infinity Power, was also named on the list in the category of Environmental Services.
Infinity Power is a joint venture between Egypt’s Infinity and Abu Dhabi’s Masdar. It has an operational portfolio across Egypt, South Africa and Senegal, including 1.3GW of solar power and onshore wind farms, which equates to a reduction of more than three million tons of CO2 emissions per year using conventional power generation.
In May 2024, Infinity Power, Hassan Allam Utilities, and Masdar, signed a Land Access Agreement with the Egyptian government for a 10GW capacity onshore wind farm project in Egypt. In August 2024, Infinity Power and Masdar signed a power purchase agreement with the Egyptian Electricity Transmission Company for a 200MW wind farm in Ras Ghareb.
CEO and Deputy Chairman of Juhayna Food Industries Seif Thabet was included on the Forbes List in the category of Food and Agriculture.
In January 2024, Juhayna Food Industries signed a sustainability linked loan agreement with HSBC tied to key performance indicators, including the reduction of direct and indirect emissions by 18.7% each by 2025 compared to 2021. It also aims to reduce 42% of carbon emissions by 2030 and make its products 100% recyclable.
Said Zater, Group CEO & Managing Director of Contact Financial Holding, was included on the list in the category of Green Finance.
In January 2024, Contact Financial Holding launched a new financing program to finance electric vehicles. This is in addition to a green finance product launched at the end of 2022. A key area of focus for the company’s investment is in agriculture, which includes providing financial support for solar energy units, in developing irrigation systems and greenhouses, managing aquatic resources, constructing poultry and livestock houses for responsible animal husbandry, and purchasing agricultural equipment and machinery.
Group CEO & Managing of Beltone Holding Director Dalia Khorshid was also included in the Green Finance category of the list.
In August 2024, Beltone Securities Brokerage, a subsidiary of Beltone Holding, acted as the sole executor of Egypt’s first carbon credit trade between the Egyptian Biodynamic Association and Isis for Food Manufacturing. In September 2024, Beltone Venture Capital made an equity investment in VelyVelo, an optimized e-bike fleet management provider that offers green, efficient, and affordable mobility solutions in France and Morocco, with upcoming launches in Spain and Belgium. In 2023, Beltone measured total emissions at 2,190 mtCO₂e, with an aim to reduce Scope 1 and 2 emissions by 42% by 2030. In the same year, Beltone partnered with Bekia Waste Management to recycle paper and plastics, with profits donated to charity.
Also, Walid Hassouna, CEO of Valu, was included on the list in the category of Green Finance.
In August 2024, Valu collaborated with KarmSolar to install an EV charging network across East Cairo’s District 5 residential community. KarmSolar will integrate its recently launched “Karm.” app while implementing Valu’s payment solutions to charge vehicles on-site. In October 2024, it partnered with Flash, a cashless payments company, to offer QR code-based payment solutions in Egypt.
Founder and Chairman of Qalaa Holdings Ahmed Heikal was included on the list in the category of Investment & Holding Companies.
In July 2023, Qalaa Holdings and its waste management and recycling subsidiary, ECARU, signed an MoU with French licensing company, Axens, to carry out technical and economic studies for a second-generation biofuel (advanced bioethanol) and sustainable aviation fuel production project. In 2023, 20% of the company’s energy consumption came from renewable sources.
Manal Hassan, Chief Sustainability Officer of Elsewedy Electric, was included on the list in the category of the Manufacturing & Industrials.
In 2023, Elsewedy Electric achieved a 44% decrease in scope 1 and 2 carbon emissions intensity compared to 2022. The company’s 21 facilities reported a 44% reduction in water intensity and a 32% reduction in energy intensity. Iskraemeco Slovenia, a subsidiary of Elsewedy Electric, began using solar PV panels with a capacity of 870 kW. During its first month, the plant generated 1,500 kWh. The company has integrated a climate risk assessment into its decision-making process, with product design and raw material sourcing guided by life cycle assessment results and optimization.
Hassan Allam and Amr Allam; CEO and Co-CEO of Hassan Allam Holding, were included on the list in the category of Real Estate and Construction.
In May 2024, Hassan Allam Utilities signed a land access agreement with Infinity Power, and Masdar, for a 10 GW mega wind project with the Egyptian Government valued at over $10 billion. The agreement gives the companies access to a 3,025 km2 area, allowing them to conduct development studies to progress the project. The project will cut carbon emissions by 23.8 million tons a year—equivalent to 9% of Egypt’s current carbon footprint. In July 2024, Hassan Allam Utilities, bp, Masdar, and Infinity Power signed a joint development agreement to commence studies for a multi-phase green hydrogen project in Egypt.
El Gouna CEO Mohamed Amer was also included on the list in the category of the Real Estate and Construction.
Since November 2021, El Gouna has planted 2000 mangrove trees in the city. It has seven sewage treatment plants, each producing up to 3,000 cubic meters of irrigation water. Its recycling plant achieves a 96% efficiency in handling various waste types, including solid waste, and recycles plastic to create new plastic bags. In 2023, El Gouna’s total energy consumption was 161.7 million kilowatts hours, 9% of which was powered by solar energy. In 2022, El Gouna also introduced the BRITA water filtration system across its hotels to reduce the use of single-use plastics, which saves 115,000 plastic bottles per year.
Methodology
In the Forbes second list of the Middle East’s Sustainability Leaders, the list included 107 leaders across 12 sectors, and 105 companies involved in moving the region closer to achieving its sustainable agenda. The U.A.E. is home to 54 entries, followed by Saudi Arabia with 20, Egypt with 10, Qatar with eight, Bahrain and Kuwait with five each, and Oman with three.
To compile this list, Forbes analyzed questionnaires and sustainability or ESG reports. The ranking was applied separately for every sector. Initiatives were horizontally compared and assessed while giving special weight to some sector-specific initiatives. Forbes only included initiatives by Middle Eastern companies across the globe.
Forbes looked at sustainability or ESG reporting and the degree of transparency and clarity in reporting; reductions or increases in greenhouse gas emissions, waste, water, energy, and other resources; reliance on renewable energy and energy-efficient technology; and overall impact of sustainability initiatives both regionally and globally.
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