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Major Indian Firms to Discuss Expanding Partnership with Saudi Counterparts

The Saudi-Indian Roundtable meeting was held in Riyadh in October. (SPA)
The Saudi-Indian Roundtable meeting was held in Riyadh in October. (SPA)
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Major Indian Firms to Discuss Expanding Partnership with Saudi Counterparts

The Saudi-Indian Roundtable meeting was held in Riyadh in October. (SPA)
The Saudi-Indian Roundtable meeting was held in Riyadh in October. (SPA)

Asharq Al-Awsat has learned that a delegation representing major Indian companies intends to visit Riyadh from November 14-16 to hold bilateral meetings, expand partnerships with the Saudi private sector, and explore investment opportunities in the Kingdom.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, had announced during his participation at the G20 meetings in New Delhi in September the signing of a memorandum of understanding to create an economic corridor connecting India with the Middle East and Europe.

The Federation of Saudi Chambers (FSC) will coordinate bilateral meetings between the Indian delegation, the Saudi Indian Business Council, and the Saudi private sector in Riyadh on Wednesday.

The FSC informed local firms that the Indian delegation includes several giant companies from various fields.

The Saudi firms are currently getting ready to participate in the bilateral meetings with the Indian delegation, explore available opportunities to form alliances, and expand partnerships that serve both parties’ interests.

The FSC had organized the Saudi-Indian Roundtable meeting in October.

The meeting was attended by India's Minister of Commerce and Industry Piyush Goyal, FSC's President Hassan Al-Huwaizi, Acting Secretary General of the FSC Walid al-Arinan, and India's Ambassador to Saudi Arabia Dr. Suhel Ajaz Khan. More than 100 representatives of Saudi and Indian entities and companies took part in the meeting.

During the talks, Saudi and Indian parties reviewed the investment environment and opportunities in the Kingdom and the targeted sectors in the Kingdom's Vision 2030.

Goyal had said that Crown Prince Mohammed’s visit to India in September achieved historic results in the course of relations between the two countries.

India has become a unique economic and investment destination with distinct advantages for foreign investors, he added.

India has an economic vision that aims to achieve $2 trillion annually in total exports, he stated.

Moreover, he remarked that Saudi Arabia's Vision 2030 and the economic corridor linking India, the Middle East and Europe will open promising horizons for international trade and cooperation.

"The investment future between Saudi Arabia and India is large and promising," he said.

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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)

Egypt has reported significant progress in the construction of the El-Dabaa nuclear power plant in the country’s northwest, a project being developed in cooperation with Russia. The government announced on Tuesday that more than 20% of the project has been completed.

Egypt and Russia signed a cooperation agreement on November 19, 2015, to establish the nuclear power station at a cost of $25 billion, funded through a Russian government loan. The final agreements for El-Dabaa were signed in December 2017.

The plant will consist of four nuclear reactors with a total generation capacity of 4,800 megawatts, each producing 1,200 megawatts. The first reactor is scheduled to begin operations in 2028, with the remaining units coming online gradually as part of Egypt’s energy mix.

In its quarterly performance report, the Egyptian government stated that the project aligns with efforts to expand the peaceful use of nuclear energy within the national power grid.

President Abdel Fattah al-Sisi emphasized in November the importance of executing energy projects efficiently and on schedule, calling them a pillar of Egypt’s development strategy. He underscored the need to adhere to the project timeline while ensuring the highest standards of execution and workforce training.

Also in November, Prime Minister Mostafa Madbouly reaffirmed Egypt’s commitment to the project, stating that El-Dabaa would enhance renewable energy capacity and stabilize the national power grid.

In early March, Russia’s Atomstroyexport announced that construction on the second reactor at El-Dabaa had progressed ahead of schedule. According to the Egyptian Nuclear Power Plants Authority, the second tier of the inner containment structure had been installed at the reactor building.

Egypt experienced widespread power outages last summer, which ended in late July after securing sufficient fuel supplies for its power plants.

The El-Dabaa project is part of Egypt’s strategy to diversify its energy sources, generate electricity to meet domestic demand, and reduce reliance on imported gas and other fuels.

On Tuesday, the government also announced an additional 200 megawatts of private-sector solar power capacity as part of its efforts to expand renewable energy. Officials said the move would support energy diversification and advance the country’s sustainable development strategy.