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1st European Chamber of Commerce in GCC to Open in Riyadh

The first European Chamber of Commerce in the GCC region, ECCKSA
The first European Chamber of Commerce in the GCC region, ECCKSA
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1st European Chamber of Commerce in GCC to Open in Riyadh

The first European Chamber of Commerce in the GCC region, ECCKSA
The first European Chamber of Commerce in the GCC region, ECCKSA

The first European Chamber of Commerce in the GCC region, ECCKSA, is set to be inaugurated in Saudi Arabia on May 8 to enhance economic and business ties between the Kingdom and the European Union.

The launch event will take place at the Cultural Palace in the Diplomatic Quarter of Riyadh.

ECCKSA’s website says the Chamber is “dedicated to advocating European business interests in Saudi Arabia and vice versa.”

“As a member-driven organization with strong government ties, ECCKSA offers a dynamic business network, opening doors to substantial commercial opportunities.”

“ECCKSA leverages its strong governmental relationships to facilitate market access for member companies, ensuring fair opportunities for both European and Saudi businesses,” it adds.

During the Saudi-EU Investment Forum held in October, Investment Minister Khalid Al-Falih said that the Kingdom’s coordination with the EU has a vital role in Saudi Arabia’s ongoing economic transitions.

Al-Falih emphasized the opportunities for investment and trade cooperation between the Kingdom and Europe.

“I am convinced there is still immense potential for expanding our partnership further, especially in terms of scale, diversity, and quality of our outbound and inbound investments,” he said.

He stated that trade between the two countries reached 80 billion euros ($84.8 billion) in 2022, representing a 30 percent increase over the previous year.

The minister added that over 1,300 European companies have invested in Saudi Arabia.

At the same event, European Commission Executive Vice President Maros Sefcovic said that the EU and Saudi Arabia “share an interest in continuing interactions on multilateral trade policy agendas.”

He said he was pleased that there was an agreement to accelerate the creation of ECCKSA.

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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.