UAE-based AlNowais Investments is putting $1 billion in two renewable energy plants in Egypt that will be ready in 2 to 3 years, the firm's Chairman Hussain Al-Nowais revealed.

The first project consists of a solar plant in Southern Egypt, and the second consists of a wind farm on the Red Sea. Both have a capacity of 500 MW each, he told Asharq, on the sidelines of an Economic Forum held in Cairo.

The company is currently in primary negotiations with the Egyptian government regarding investments to establish desalination plants in the country, Al-Nowais added.