Fortescue, a leader in the mining industry, is known for its innovative approach. Its operations span exploration, development, and production of iron ore. The company’s commitment to sustainability, aiming to reduce carbon emissions and implement green energy solutions, further demonstrates their forward-thinking approach. Fortescue’s expansion plans in the Middle East are driven by the region’s strategic location and abundant resources. The company is actively exploring opportunities and partnerships that align with its strategic goals, which may include initiatives in renewable energy, mining technology, and supply chain development.
With over 25 years of executive experience in diverse sectors like green energy and financial services, how has your extensive background influenced your leadership approach and strategic decision-making across various industries?
 Dr Moataz Kandil: My career has spanned multiple sectors, allowing me to gain diverse experiences that have shaped my approach to leadership. This broad background equips me with the ability to navigate challenges and seize opportunities across various industries.
Over the last 25 years, one key lesson I have applied throughout my career is the value of cross-industry insights. Working across sectors, ranging from green energy to financial services, education, hospitality, and healthcare, has provided me with a comprehensive perspective on market dynamics and operational challenges. This diversity enables me to draw parallels between industries and apply best practices, fostering innovative solutions.
Another critical aspect of my experience is adaptability. Each industry operates within its own unique framework, with distinct challenges and regulatory environments. This has continuously refined my approach and enhanced my ability to pivot strategies quickly in response to changing circumstances. In today’s fast-paced business landscape, adaptability is essential.
Engaging with a diverse set of stakeholders—whether they are investors, regulators, or communities—is another vital part of my role. Understanding each stakeholder’s perspective is crucial for making informed decisions that align both business objectives and societal needs.
Over the years, I have developed a deep understanding of risk assessment and management, which is invaluable for strategic decision-making. This expertise allows me to identify potential risks and opportunities, crafting strategies to mitigate risks while maximizing returns.
Finally, governance and ethical leadership are an important part of any leadership role. I strive to foster a culture of transparency and accountability within my team, which is essential for building trust and driving high performance.
These principles have guided me throughout my 25-year career, enabling me to successfully manage diverse sectors in both prosperous times and during economic downturns.
May you review main strategy and key focuses for the next five years in the company?
Dr Moataz Kandil: Fortescue is the fourth largest iron ore mining company globally. Four years ago, the founder and chairman, Dr. Andrew Forrest, adopted a strategy for the decarbonization of the company’s mining operations, setting the ambitious goal of reaching real zero by 2030. He envisioned creating a green energy vertical with two primary mandates: aiding the decarbonization of mining operations and becoming one of the largest producers of green energy and green hydrogen globally.
An important focus for the company, which remains critical today, is green innovation—contributing to the technologies that will help achieve global net-zero targets by 2050 or even earlier. Over the past four years, the company has managed to build a global portfolio of green energy projects across various regions, including North America, Latin America, Europe, the Middle East, Sub-Saharan Africa, Asia, and Asia-Pacific. The Middle East, in particular, is quite active and holds a significant position within the company’s global green energy portfolio.
We have several large-scale green energy projects in various Middle Eastern countries, which will form the backbone of the company’s green energy initiatives by 2030 and beyond. We are developing four key projects over the next six to seven years. In Oman, we signed a consortium agreement with Actis to develop a large-scale green hydrogen project. In Jordan, we have signed an exclusive agreement with the government to develop a  large-scale green ammonia facility. We also signed a green hydrogen and renewable energy Framework Agreement at COP27 with the Egyptian government.
Finally, we have established a partnership with one of Morocco’s most well-established companies, OCP, to create a joint venture aimed at building a mini green energy hub in Morocco. The goal is for these projects to continue development and reach production by 2030 and beyond.
What do you see as the most pressing sustainability challenges facing the green energy sector today?
Dr Moataz Kandil: There are many, but I will just highlight a few that I feel are probably the most pressing. First, I would say infrastructure and investment. While the cost of renewable energy technologies has decreased, the initial investment required to develop the necessary infrastructure remains high. This necessitates close collaboration between the government and the private sector to secure funding for large-scale green energy projects.
Secondly, regulatory issues and hurdles are significant. Political will and government support are critical for the growth of the green energy sector and its technologies. Policies and regulations need to be conducive to both investment and innovation in green and renewable energy technologies, which is key to the sector’s growth.
Last but not least is the skills gap. The rapid expansion of the renewable energy sector requires a skilled labor force. Addressing the gap between industry needs and the availability of qualified professionals is essential to sustaining growth and innovation in this sector.
These are the main challenges that come to mind. Of course, there are others, but these three stand out as the most pressing.
What emerging trends or technologies in green energy do you find most promising?
Dr Moataz Kandil: I would say that advanced energy storage solutions are critical for addressing the intermittent nature of renewable energy sources, enabling a more reliable energy supply during low-generation periods. Energy storage innovations are, in my view, at the top of the priority list because they will benefit renewable energy projects and initiatives like green hydrogen. Green hydrogen itself is part of this innovation circle and technology landscape.
Green hydrogen is often considered the missing piece in the energy transition, crucial for the decarbonization of hard-to-abate industries. The development of hydrogen fuel cells and the necessary infrastructure will be critical for the widespread adoption of hydrogen globally. Another promising area is grid integration technologies, which work on two fronts: reducing transmission losses and stabilizing grids. This is vital for optimizing the use of off-grid renewable resources, such as hydropower, wind, and biofuels.
And, carbon capture and storage (CCS) technologies aim to reduce carbon dioxide emissions by capturing CO2 before it’s released into the atmosphere. Many efforts are underway to develop more efficient and cost-effective carbon capture technologies.
Although none of these technologies can act as a complete solution on its own, I believe they all contribute significantly to accelerating the transition to low-carbon economies globally. So, these are the ones that come to mind as the main promising trends and technologies.
How do you view the growing role of artificial intelligence, particularly in green energy, where it promises to make processes more sustainable and efficient, yet also poses significant environmental challenges?
Dr Moataz Kandil: Well, of course, there’s always a positive side and a negative side to consider. For any initiative, especially new ones like artificial intelligence, you can’t discount the positives. And, of course, we must carefully examine the negatives, as we don’t want to make any prejudgments.
On the positive side, AI can significantly contribute to renewable energy, particularly in cost optimization. This is a critical aspect because making renewable energy as cost-effective as possible is key to its widespread adoption globally. We’ve already started exploring multiple initiatives to apply AI in our projects.
We believe that AI can help make renewable energy more cost-effective and efficient on a global scale. So, we view it positively and are looking forward to implementing AI applications in the way we develop our projects.
Fortescue is collaborating with Actis on a major green hydrogen project in Salalah, Oman, which includes ambitious targets for green hydrogen production and technological advancements. What are some of the key investment considerations that make this green hydrogen project particularly attractive?
 Dr Moataz Kandil: Well, there are many aspects to consider. We, along with most developers, are working day and night to ensure these projects are cost-efficient. One of the main goals is to make the cost of green hydrogen competitive with existing fossil fuel-based alternatives.
We are still striving to achieve this, but a significant focus is on advancing technologies, particularly related to electrolysers. This is a critical area where we are working hard to increase efficiency and reduce costs.
Additionally, we are focusing on renewable energy technologies. Currently, around 50% of the cost of green hydrogen is attributed to energy. Therefore, reducing the cost of solar and wind energy and optimizing their use will be crucial.
Beyond these factors, economies of scale play a vital role. So far, green hydrogen production has been limited to small-scale projects, keeping costs high. Developing large-scale projects will be key to lowering costs. For example, our project in Oman aims to produce 1 million tons of hydrogen, which we believe will help us achieve low-cost production.
So, in Oman, Jordan, Egypt, and Morocco, we are discussing common-use infrastructure such as transmission grids, pipelines, and water systems. These infrastructure components will be managed by the governments, and it’s crucial that we continue to work closely with them to ensure that the setup of this common-use infrastructure does not negatively impact the projects we are developing in these countries.
A new Joint Venture between Fortescue and OCP Group plans to supply green hydrogen, ammonia, and fertilizers, with manufacturing and R&D facilities in Morocco. How will this JV enhance Morocco’s position in the global renewable energy market and affect Fortescue’s future projects?
Dr Moataz Kandil: This is indeed a significant initiative for Fortescue. This partnership can greatly enhance Morocco’s position as a major player in the green energy transition. The benefit should be mutually advantageous for both Fortescue and Morocco.
Morocco possesses some of the world’s most promising solar and wind resources, making it an ideal location for green energy production. The joint venture will allow Morocco to leverage these resources and establish itself as a global hub for green energy. Additionally, Morocco is a major importer of ammonia for fertilizer production. This joint venture will help Morocco strengthen its domestic supply chain and reduce its reliance on global ammonia imports, positively impacting the country’s energy security and resilience.
A key component of the joint venture is the creation of an innovation and R&D center in Morocco. This center will focus on research in clean and renewable energy, as well as green hydrogen, which will support Morocco’s goal of advancing its technological capabilities in these areas.
For Fortescue, the joint venture represents a strategic move to expand our portfolio of renewable energy projects beyond Australia, with a specific focus on the Middle East. Partnering with OCP, a global leader in phosphate-based fertilizers, provides Fortescue with opportunities to access international and European markets. Moreover, this partnership aligns with our broader strategy to invest across the entire green energy value chain, including both generation and manufacturing.
We are planning several manufacturing initiatives in Morocco, including a facility for electrolysers. These manufacturing capabilities will support our projects and provide equipment for third-party developers interested in purchasing from us.
As a member of the Non-Executive Directors’ Association and Young Arab Leaders, you are actively engaged in broader industry and leadership circles. What are some of the most pressing issues or opportunities for businesses in the MENA region that you have recognized from these networks?
 Dr Moataz Kandil: The MENA business environment is complex but also dynamic, presenting both challenges and substantial opportunities for growth and innovation. One key aspect is youth engagement. The MENA region has a young and growing population, with a median age of approximately 30 years. This demographic shift creates significant opportunities for innovative products and services, allowing companies that cater to this tech-savvy generation to thrive.
Startups and innovation are also crucial. The Middle East has an exciting entrepreneurial landscape, with numerous startups emerging across various sectors. Collaboration between established companies and these startups will drive innovation and foster a strong culture of entrepreneurship in the region.
With increasing awareness of global and regional climate challenges, businesses have a great opportunity to engage in sustainable practices. Investing in renewable energy projects, technology, and sustainable agriculture can help mitigate environmental risks and create new revenue streams.
Economic diversification is another pressing issue that also presents opportunities. Many MENA countries recognize the need to move away from oil and gas dependency, especially given the cyclical nature of oil prices. This shift creates opportunities to invest in sectors such as tourism, high-tech manufacturing, and technology. Companies that invest in these areas will benefit from government support and contribute to sustainable growth.
While there are many challenges, they come with opportunities, and it is up to the business community to seize them.
What is your advice for SMEs, entrepreneurs or international companies that are trying to set up in the region?
Dr Moataz Kandil: I really appreciate the entrepreneurial spirit among the younger generations. There has been a significant shift in the way young professionals think compared to 20 years ago. Today, many aspire to start their own businesses, which is fantastic.
My advice is to thoroughly study your idea. While there are many great ideas, having a unique one is crucial. It’s important to research the market and its needs, build a solid business case, and be prepared with all necessary information when seeking funding. Continuously develop your idea as you progress—don’t stop at any stage.
Having a unique idea, a robust business plan, and being prepared to seek funding are essential. Don’t be afraid to learn from your mistakes. If opportunities arise to partner with larger organizations that can support your growth, take advantage of them. However, keep in mind that these opportunities should be evaluated on a case-by-case basis.
