Emirati Inmaa Al Ain for Development and Investment signed a memorandum of understanding with Ganoub El-Wadi Petroleum Holding Company (Ganope) for the establishment of new projects in the new Gulf of Suez annex worth $3.5bn, reported Egypt Oil & Gas (EOG).

The projects will include a power plant fueled by renewable energy. The company is currently conducting economic studies to determine whether the power plant should be fueled by wind, solar or coal.

Other projects include an industrial complex, and a desalination facility.