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Opening of European Chamber in Riyadh Signals New Partnership Era

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
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Opening of European Chamber in Riyadh Signals New Partnership Era

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA)  officially opened its doors in Riyadh on Wednesday, marking a new phase in trade and economic cooperation between Saudi Arabia and the EU.
The launch event was attended by distinguished guests, including Ibrahim Al-Mubarak, assistant minister of investment; Luigi Di Maio, EU special representative for the Gulf; and Christophe Farnaud, the EU ambassador to Saudi Arabia, Oman, and Bahrain.
Al-Mubarak highlighted how ECCKSA’s initiatives in Saudi Arabia align with the Kingdom’s national transformation plan, Vision 2030, focusing on creating new opportunities in non-oil sectors.
He noted that ECCKSA’s establishment will boost trade, investment, and cross-border cooperation, supporting the Kingdom’s economic diversification efforts.
Al-Mubarak also mentioned that over 300 European companies have been licensed to move their regional headquarters to Riyadh, with a target of attracting 480 such companies by 2030.
He added that foreign direct investment from Europe has doubled to around SAR 218.5 billion over the past five years.
On his part, Di Maio said that the establishment of the ECCKSA marks an important new chapter in the partnership between the EU and Saudi Arabia.
“I am convinced that this initiative will be key in bringing closer and in integrating our economies. The ECCKSA will certainly become a point of reference for European companies doing business in the Kingdom and Saudi companies looking for partners and markets in the EU,” said Di Maio.
“It will facilitate joint ventures and boost trade and investments. There is so much untapped potential and space to grow in our economic cooperation and I am confident that the next months and years will bring about more substantive and sustainable progress,” Di Maio added.
Apart from his prediction that the chamber would become a hub for European companies in Saudi Arabia, Di Maio stressed that it would help strengthen business connections and support Saudi Arabia’s economic diversification efforts under Vision 2030.

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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.