A consortium led by Saudi Arabia's ACWA Power signed on Wednesday a monumental usufruct agreement for a 1.1-gigawatt wind energy project with $1.5bn of investment, according to a statement by the Egyptian cabinet. The project will take root in the Suez Gulf and Gabal El Zeit regions, harnessing the wind's potent energy to become the Middle East's largest onshore wind farm and a global frontrunner. The New and Renewable Energy Authority (NREA) partnered with an alliance led by global leader ACWA Power, joined by Hassan Allam Utilities, to bring this ambitious project to life. The signing ceremony, held in an esteemed company, included attendance from Egypt's Prime Minister Mostafa Madboyly, Electricity and Renewable Energy Minister Mohamed Shaker, Saudi Arabia's Deputy Ambassador Abdurrahman bin Salem Al-Dahas, and key executives from both parties. Mohamed Al-Khayyat, Chairperson of NREA, inked the agreement alongside Mohamed Hamdouch, ACWA Power's Vice President for business development. Thomas Brostrom, ACWA Power's Chief Investment Officer, and Hassan Amin, Director of ACWA Power Egypt, were also present, along with Dalia Wahba, CEO of Hassan Allam Utilities. Minister Shaker emphasized the agreement's significance, outlining the upcoming steps of securing project financing and conducting thorough site studies. Beyond its sheer scale, the project boasts a multitude of benefits. Upon completion, it will: * Slash carbon dioxide emissions by 2.4 million tons annually. Furthermore, ACWA Power's Chief Investment Officer, Thomas Brostrom, revealed the project's cutting-edge design. It will utilize towering wind turbines - reaching a staggering 220 meters, the tallest in the Suez Gulf region - to maximize power generation while optimizing land usage.