Egypt has signed two memoranda of understanding (MoU) with UAE-based International Resources Holding (IRH) in the fields of mining and finance.

The first MoU was signed between the Egyptian Mineral Resources and Mining Industries Authorities and IRH. It focuses on providing technical support services for Egypt’s aerial survey project to identify mining opportunities at various stages and the launch of a digital platform to enable efficient access to survey results.

The second MoU was signed between the Egyptian General Petroleum Corporation (EGPC) and IRH, and aims to provide commercial financing facilities for the trade of crude oil, liquefied natural gas (LNG), and other petroleum products. It also establishes a framework to reduce financing costs for petroleum products at competitive rates.

The signing of the agreements were witnessed by Karim Badawi, Minister of Petroleum and Mineral Resources and Mariam bint Mohammed Almheiri, Chair of the International Affairs Office at the UAE Presidential Court and CEO of 2PointZero, an affiliate of the International Holding Company (IHC).

During Badawi’s visit to UAE last month, he met with Almheiri to discuss strengthening energy and mining ties between the two countries. The minister also held other important meetings which concluded with the signing of two MoUs in the maritime and energy sectors.

The first MoU was signed between the Ministry of Petroleum and Mineral Resources (MoPMR) and Chinese United Energy Group (UEG). Its objective was to set a cooperation framework to explore investment opportunities in oil and gas sector within Egypt and across international markets, as well as expand in renewable energy and energy trading projects. The second MoU was signed between MoPMR and Abu Dhabi Ports Group and TCM Project Manager LLC to explore joint operation and development of crude oil storage facilities as well as exploring cooperation at other fields with mutual interests.