Egypt has completed the establishment of the Fujairah Alamein Oil and Gas Company following the approval of a private free zone for this firm in New Alamein, according to a statement from the Ministry of Investment and Foreign Trade.
The new zone, covering approximately 738,000 square meters in the Mediterranean city, will house facilities specializing in the storage and processing of crude oil and petroleum products, the ministry stated.
Minister of Investment and Foreign Trade Mohamed Farid noted that the speed of the company's creation demonstrates how governmental approvals can quickly transform into operational projects. He emphasized that utilizing various investment regimes, including free zones, and interdepartmental coordination can accelerate the implementation of energy projects.
The Ministry of Investment is working with other state bodies, particularly the Ministry of Oil and Mineral Resources, to finalize remaining requirements and eliminate obstacles that might delay the project, Farid added.
Regional Energy Hub
Previously, the Egyptian cabinet approved the creation of a special free zone for a joint Egyptian-Emirati company in New Alamein, located in the northwestern Matrouh governorate. The state media Ahram Online reported last week, citing the cabinet decree, that the zone would be situated on the southern side of the Alexandria-Matrouh coastal road and would be overseen by the General Administration for Investment and Free Zones.
According to the decree's terms, the company is obligated to export its entire annual production volume to international markets. It is also required that at least 50 percent of the components used in any manufactured goods must be sourced locally. The company must also confirm legal ownership of the project site and obtain environmental approval from the Egyptian Environmental Affairs Agency. Additional conditions relate to the physical security of the facility, including the installation of surveillance cameras and watchtowers, as well as compliance with industrial safety, civil defense, and fire protection standards.
This project is a continuation of three agreements signed in 2025 between Egyptian authorities and the Emirate of Fujairah. These agreements covered the development of the Fujairah-Alamein logistics zone for crude oil and petroleum products, as well as work to expand and modernize the El Hamra port, located west of Alexandria.
Egypt aims to leverage its ports, transport links, and strategic position between major markets to strengthen its role as a regional hub for energy storage, processing, and trade. The government is also trying to attract more foreign investment and increase exports amid pressure on its energy resources and currency reserves.
Official data shows that Egypt's crude oil exports reached $115.3 million in April 2026, which is $15.6 million more than in the same month last year. Petroleum product exports grew by $181 million year-on-year to $585.2 million. As part of a five-year plan, the government aims to increase oil and gas exploration and production activity by 20 percent during 2026, while expanding capacity for refining and exporting refined products.
New Alamein has become a center for attracting private and foreign investment to the Mediterranean coast of Egypt. Among the projects announced for the city are a $140 million silicon metal complex, an $82 million furniture manufacturing free zone, and a green industrial complex valued at 12 billion Egyptian pounds ($236 million).
According to government data, the total state and private investment in New Alamein in 2024 amounted to 240 billion Egyptian pounds. This development is also part of broader Emirati investment growth in Egypt under President Abdel Fattah el-Sisi's administration, which includes the $35 billion Ras El Hekma agreement on the Mediterranean coast announced in 2024.
Farid stated that his ministry will continue to coordinate with relevant authorities so that Fujairah Alamein can commence operations on time, achieve investment targets, and contribute maximally to the Egyptian economy.