The Emirati energy company Mubadala is seeking to inject new investments in Egypt, CEO Mansoor Al-Hamed stated on Thursday during a meeting with Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla.

Al-Hamed said that the new investments will be in energy and decarbonization projects, adding that his company is committed to ongoing expansion in Egypt.

The meeting between Mubadala’s CEO and El-Molla covered the company’s current projects in Egypt in natural gas exploration and production in the Mediterranean and Red Seas.

Since June 2018, Mubadala Energy has held a 10 percent participating interest in the offshore Shorouk Concession in Egypt, which contains the supergiant Zohr gas field, according to the company’s website.

Mubadala also acquired a 20 percent stake in the Nour Concession located in the Nour North Sinai offshore area, and a 27 percent participating interest in Block 4, which is located in the Northern Red Sea.

Block 4 is adjacent to the highly productive Gulf of Suez basin and holds significant oil and gas potential.

During FY2021/2022 – which began in July 2021 and lasted through June 2022 – Emirati investments in Egypt surged by 300.8 percent to $5.7 billion, compared to $1.4 billion in FY2020/2021, according to Central Agency for Public Mobilization and Statistics (CAPMAS).

Amid a severe US dollar crunch, Egypt is seeking to attract more Gulf investments into the local market to tackle the currency shortage and support the struggling economy.