Egypt Today: Saudi Arabia and Egypt are set to sign a landmark energy efficiency agreement, under which the Kingdom will share its expertise with Egyptian entities to improve energy efficiency practices.
The announcement was made by Saudi Energy Minister Abdulaziz bin Salman Al Saud, who emphasized the importance of collaboration in advancing sustainable energy solutions. This agreement underscores the growing strategic partnership between the two nations in the energy sector.
The economic ties between Saudi Arabia and Egypt continue to expand, with bilateral trade reaching SAR 46 billion by the end of 2024.
Investment activity remains robust, as 7,400 Saudi companies are currently investing in Egypt, while 5,000 Egyptian companies operate in Saudi Arabia.
Additionally, Saudi private sector investments in Egypt surged by 500% in 2023, reflecting growing investor confidence in the Egyptian market and signaling a deepening economic relationship.
In December, Egyptian Prime Minister Mostafa Madbouly visited Badr City to inspect the project’s developments, highlighting its importance as a model for bilateral cooperation in the energy sector.
The Egypt-Saudi Arabia electricity interconnection consists of three high-voltage substations: one in eastern Saudi Arabia, another in Tabuk, and a third in Badr City, east of Cairo.
These substations will be connected by 1,350 kilometers of overhead power lines and marine cables, facilitating a seamless exchange of electricity between the two countries.
The project is being carried out by a consortium of three global companies, with completion expected by next summer.
https://www.egypttoday.com/Article/3/138471/Saudi-Arabia-Egypt-strengthen-energy-cooperation-with-new-energy-agreements
