{"id":612865,"date":"2024-01-03T00:00:00","date_gmt":"2024-01-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/03\/green-hydrogen-incentives-get-final-approval-from-house\/"},"modified":"2024-01-03T00:00:00","modified_gmt":"2024-01-03T00:00:00","slug":"green-hydrogen-incentives-get-final-approval-from-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/03\/green-hydrogen-incentives-get-final-approval-from-house\/","title":{"rendered":"Green hydrogen incentives get final approval from House"},"content":{"rendered":"

MPs greenlight green hydrogen incenti<\/strong>ves:<\/strong>The House gave final approval to a cabinet-drafted decision putting forward a package of incentives for Egypt\u2019s green hydrogen industry, granting a series of tax breaks and non-tax incentives to companies implementing green hydrogen projects within five years and deriving a certain percentage of their funding from foreign investors. The incentives were greenlit by the cabinet in May<\/a>, approved by the House Energy and Environment Committee last month<\/a>, andare now only awaiting ratification from President Abdel Fattah El Sisi after getting the go-ahead from the House.<\/p>\n

The incentives in question: <\/strong>Following the decision\u2019s ratification, companies operating in the green hydrogen sector will be eligible to receive tax breaks of between 33-50% on income earned from the plants. They will also be exempted from real estate taxes, stamp taxes, and VAT on raw materials and machinery purchased for the projects. Projects will also receive a number of non-tax incentives like licensing facilities and extended grace periods on payments.<\/p>\n

** We dive into the full package of incentives and the eligibility requirements in our<\/strong>coverage of the story<\/a><\/strong> last month. <\/strong><\/p>\n

Egypt is going all-in on green hydrogen: <\/strong>Egypt has set a target of providing 5-8% of the world\u2019s hydrogen by 2040, creating some 100k jobs and adding USD 10-18 bn to its GDP in the process. The government has also signed MoUs with 23 developers and framework agreements<\/a> with nine international power companies to develop green hydrogen projects. The Madbouly cabinet last week greenlit<\/a> Belgian dredging and offshore energy contractor DEME\u2019s USD 3.1 bn project<\/a> to produce green hydrogen and its derivatives near the Gargoub Port. <\/p>\n

Still to come:<\/strong> We\u2019re still waiting on the government to unveil its green hydrogen strategy \u2014 currently in its final stages \u2014 after it received approval<\/a> from the National Green Hydrogen Council in November.<\/p>\n

ALSO- North Abu Qir for Agricultural Nutrients<\/strong> goes green: <\/strong>State-owned Abu Qir Fertilizers, ABB Group, MPS Infrastructure, and Petrojet inked an MoU yesterday<\/a> to supply North Abu Qir for Agricultural Nutrients<\/a> with the green hydrogen and renewable energy needed to produce green ammonia. <\/p>\n

ALSO FROM THE HOUSE- <\/strong><\/p>\n

MPs also approved an amendment that will expand the scope of a 2021 medical<\/strong> emergency fund<\/strong> to include spending for the treatment of hereditary diseases. The amendment will allow the fund to launch initiatives for the early detection of hereditary diseases and raise young people\u2019s awareness about hereditary diseases.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt has set a target of providing 5-8% of the world\u2019s hydrogen by 2040<\/p>\n","protected":false},"author":1,"featured_media":612866,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[93,72,254,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-energy","tag-enterpriseam","tag-green-hydrogen","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"4cb3b10f-6048-4f72-b60d-ec4cedeb48a2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/170.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s House of Representatives approves green hydrogen incentives","related_issue":[612856],"teaser":"Egypt has set a target of providing 5-8% of the world\u2019s hydrogen by 2040","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.dd7029d7-9046-48c2-ae07-a08671e377f7.mp3"},"yoast_head":"\nGreen hydrogen incentives get final approval from House - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/03\/green-hydrogen-incentives-get-final-approval-from-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Green hydrogen incentives get final approval from House\" \/>\n<meta property=\"og:description\" content=\"Egypt has set a target of providing 5-8% of the world\u2019s hydrogen by 2040\" \/>\n<meta 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companies implementing green hydrogen projects","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1719.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586881,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/draft-incentives-to-boost-green-hydrogen-industry-have-seen-the-light-of-day\/","url_meta":{"origin":612865,"position":1},"title":"Draft incentives to boost green hydrogen industry have seen the light of day","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"A range of tax breaks are on offer for green hydrogen projects that meet certain conditions","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1027.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614348,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/green-hydrogen-incentives-are-live\/","url_meta":{"origin":612865,"position":2},"title":"Green hydrogen incentives are live","author":"enterpriseam admin","date":"31 January 2024","format":false,"excerpt":"LEGISLATION-Green hydrogen incentives are officially law: President Abdel Fattah El Sisi ratified a decision putting forward a package of green hydrogen incentives yesterday, according to the Official Gazette. The decision includes a series of tax and non-tax related incentives aimed at boosting Egypt\u2019s green hydrogen industry. The incentives were greenlit\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1719.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544604,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/","url_meta":{"origin":612865,"position":3},"title":"Gov\u2019t has incentives for green economy, AI and other priority sectors","author":"enterpriseam admin","date":"13 March 2022","format":false,"excerpt":"A first look at new incentives to spur investment in emerging sectors: The Madbouly government is introducing incentives to spur investments in the green and AI sectors, according to a statement. Ministers approved the incentives last week, after they were put forward by General Authority of Investment and Freezones (GAFI)\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612831,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/02\/this-evening-house-of-representatives-greenlights-green-hydrogen-incentives\/","url_meta":{"origin":612865,"position":4},"title":"THIS EVENING: House of Representatives greenlights green hydrogen incentives","author":"enterpriseam admin","date":"2 January 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and a very happy new year to you. We are starting the first week of the year at a relatively brisk pace as the news cycle is picking itself up from the slump at the end of December.THE BIG STORY TODAYHouse gives final approval for\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/117.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578523,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/house-signs-off-on-green-hydrogen-infrastructure-oil-exploration-bills\/","url_meta":{"origin":612865,"position":5},"title":"House signs off on green hydrogen, infrastructure, oil exploration bills","author":"enterpriseam admin","date":"3 January 2023","format":false,"excerpt":"MPs greenlight port development, oil exploration + green hydrogen bills: MPs signed off on several bills yesterday, including legislation paving the way for the government to bring in private companies to develop container terminals and Eni to explore for oil in the Western Desert. Among the bills approved yesterday:#1- Ports:\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/39.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=612865"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612865\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612866"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612865"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612865"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}