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Egypt Holds Talks to Sell Surplus Power to Europe, Africa

A worker walks amidst solar panels at the Infinity 50 Solar Park near Aswan, southern Egypt. Photographer: Oliver Weiken/picture alliance via Getty Images
A worker walks amidst solar panels at the Infinity 50 Solar Park near Aswan, southern Egypt. Photographer: Oliver Weiken/picture alliance via Getty Images
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Egypt Holds Talks to Sell Surplus Power to Europe, Africa

A worker walks amidst solar panels at the Infinity 50 Solar Park near Aswan, southern Egypt. Photographer: Oliver Weiken/picture alliance via Getty Images
A worker walks amidst solar panels at the Infinity 50 Solar Park near Aswan, southern Egypt. Photographer: Oliver Weiken/picture alliance via Getty Images

Egypt has begun talks over plans to sell electricity to Europe and Africa, pressing its advantage as a producer of cheap renewable energy in a bid to become a regional export hub, said the head of its sovereign wealth fund Ayman Soliman.

The nation, which has a surplus of electricity, sees unspecified “power-hungry” countries to the north as possible customers, Soliman said, Bloomberg reported.

Egypt could supply Europe via a planned sub-sea cable to Cyprus and Greece.

“We are in talks with European infrastructure investors, advisers and energy traders to assess the viability and appetite,” Soliman said in an interview in Cairo.

The transmission line “will position Egypt as a long-term renewable supply hub for Europe.”

According to Bloomberg, electricity exports could be a lucrative earner for Egypt, which is already becoming a natural-gas hub after offshore discoveries

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Population Growth Drives Saudi Real Estate Prices to 15th Consecutive Increase

A residential project of the Ministry of Municipalities and Housing (Asharq Al-Awsat)
A residential project of the Ministry of Municipalities and Housing (Asharq Al-Awsat)
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Population Growth Drives Saudi Real Estate Prices to 15th Consecutive Increase

A residential project of the Ministry of Municipalities and Housing (Asharq Al-Awsat)
A residential project of the Ministry of Municipalities and Housing (Asharq Al-Awsat)

Real estate prices in Saudi Arabia have continued their upward trajectory for the fifteenth consecutive quarter since early 2021. In the third quarter of this year, data shows a 2.6% year-on-year increase, driven by a 1.6% rise in residential property prices and a 6.4% increase in commercial properties, while agricultural land prices declined by 8.7%.
According to the General Authority for Statistics (GASTAT), Riyadh recorded the highest property price increase among Saudi regions in the third quarter, with a year-on-year rise of 10.2%, followed by Hail at 5%. In contrast, prices fell in nine administrative regions, with Al-Baha experiencing the steepest decline at 14.3%.
These latest figures are based on an updated methodology from the GASTAT, which uses 2023 as the new base year and incorporates a geographic AI model to better capture transaction types. Satellite images are also used to enhance data quality and accuracy. Methodological updates include broader geographic coverage to better represent administrative regions and revised property classifications, which were applied retroactively to data from 2021 onward.
Real estate experts told Asharq Al-Awsat that the steady rise in property prices since early 2021 reflects high demand for residential properties, fueled by sustained growth and government efforts to encourage homeownership under Vision 2030, which aims to increase homeownership rates among Saudi families to 70%.
Real estate expert Saqr Al-Zahrani explained that the price increase reflects rising demand for residential and commercial properties across Saudi cities and provinces, due to ongoing population growth, urban expansion, and more housing projects aimed at meeting high demand. Government efforts to support and expand residential projects have also played a significant role.
Al-Zahrani expects a slight continued increase in residential property prices in the fourth quarter of 2024, especially with the expansion of housing projects aimed at boosting homeownership in most cities. However, he anticipates this growth rate may moderate somewhat in 2025 if new regulatory measures, financing programs, or incentives are introduced to adjust demand.
In remarks to Asharq Al-Awsat, real estate expert Al-Aboudi bin Abdullah attributed the 2.6% increase in Saudi real estate prices in the third quarter this year, compared to the same period last year, to two main factors. First, residential property prices rose by 1.6%, driven by heightened developer demand in anticipation of further price increases and market activity, as interest rates are expected to remain low into 2025.
The second factor is the 6.4% rise in commercial property prices, spurred by demand for land and commercial and office projects. This demand aligns with major development projects launched under Saudi Arabia’s Vision 2030.