Jordan to Export Electricity to Iraq

Employees walk grounds of Dhi Qar Combined Cycle Power Plant near Iraqi city of Nasiriyah (File photo: AFP)
Employees walk grounds of Dhi Qar Combined Cycle Power Plant near Iraqi city of Nasiriyah (File photo: AFP)
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Jordan to Export Electricity to Iraq

Employees walk grounds of Dhi Qar Combined Cycle Power Plant near Iraqi city of Nasiriyah (File photo: AFP)
Employees walk grounds of Dhi Qar Combined Cycle Power Plant near Iraqi city of Nasiriyah (File photo: AFP)

Jordan signed an agreement to sell electricity to Iraq and connect the two countries' power grids, according to an official Jordanian source.

The agreement was signed via videoconferencing and attended by Jordanian Minister of Energy and Mineral Resources Hala Zawati and her Iraqi counterpart Majed Emarah.

The deal says that Jordan will provide Iraq with 1,000 gigawatt-hours per year in the first phase of the project.

Zawati said that supplying Iraq with electricity will begin after the completion of the construction of al-Risha plant in Jordan, and the establishment of the 300-km power line connecting it with the al-Qaim conversion plant in Iraq.

It will be completed within 26 months of the signing date of the contract, the Minister added.

She highlighted the importance of the Jordanian-Iraqi power grid connection, pointing out that the project enhances the stability and reliability of power networks in both countries.

It serves the intention of establishing a joint power market in the Arab world, which would promote Arab economic integration, announced Zawati.

Baghdad currently imports gas and electricity from Tehran following a US waiver allowing Iraq to import energy sources from Iran without risking sanctions.

Despite rich oil sources, Baghdad relies heavily on Iran in the field of energy and imports a third of its gas and electricity consumption. Iraq is unable to achieve energy self-sufficiency to secure the needs of its 40 million people because of a decaying infrastructure.

The US extended the waiver granted to Iraq for two additional months, an Iraqi official told AFP.

When Iraqi Prime Minister Mustafa al-Kadhimi formed the government in May, Washington granted Baghdad an exemption for a period of four months.

Meanwhile, Iraq’s General Company for Passenger Transport and Delegations at the Ministry of Transport announced preliminary talks to open a new route to Egypt, via Jordan.

Local media quoted the Company’s general director, Karim Hussein, who said there is a priority to open a new route to Egypt.

Hussein said the company's financial performance was profitable between 2018 and until the first two months of 2020, when it faced many losses due to travel bans and lockdowns imposed to prevent the spread of the coronavirus pandemic.



Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi will hold the 28th annual World Investment Conference (WIC) in Riyadh from November 25 to 27.

The event will gather global leaders in investment, government, and international organizations to tackle the theme “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities”.

On the occasion, Saudi Minister of Investment Khalid Al-Falih said: “Under the wise leadership of Custodian of the Two Holy Mosques King Salaman bin Abdulaziz Al Saud and Crown Prince Mohammed, the Kingdom, driven by its ambitious Vision 2030, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”

This year’s World Investment Conference in Riyadh “will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth,” he added.

“We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies,” he stressed.

Vision 2030 has driven significant economic reforms in Saudi Arabia, attracting substantial foreign investment. Over 28,900 foreign investment licenses have been issued, reflecting the Kingdom's transformation into a major global investment hub.

Key factors contributing to this growth include 100% foreign ownership in specific sectors, streamlined commercial register procedures, simplified visa issuance, and other investor-friendly initiatives that have created a favorable and appealing environment for investors in various sectors, including renewable energy, logistics services, and AI.

The Kingdom's attractive investment landscape has also facilitated the development of a dynamic economy that leads in innovation and growth.

WAIPA Executive Director and CEO Ismail Ersahin said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape.”

“We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants,” he remarked.

Key highlights of this year’s WIC are a range of conference tracks, such as high-level dialogues with government ministers, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals, a dedicated entrepreneurship track that will emphasize the transformative role of startups and innovators, and exclusive matchmaking sessions that will facilitate strategic partnerships between investors, SMEs, and potential collaborators.

Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies on the Awards Track, honoring innovation and excellence in investment facilitation.

This year’s WIC promises to be a pivotal forum as it aligns with global investment drivers: the disruptive influence of technology and AI, global supply chain resilience, energy transition toward sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations.

Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide.

With its focus on scaling investment opportunities, WIC is designed to equip attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact.