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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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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.