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Egypt, Saudi Arabia Award Contracts to Link Power Grids in $1.8 Bln Project

Saudi Minister of Energy Prince Abdulaziz bin Salman, Asharq Al-Awsat
Saudi Minister of Energy Prince Abdulaziz bin Salman, Asharq Al-Awsat
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Egypt, Saudi Arabia Award Contracts to Link Power Grids in $1.8 Bln Project

Saudi Minister of Energy Prince Abdulaziz bin Salman, Asharq Al-Awsat
Saudi Minister of Energy Prince Abdulaziz bin Salman, Asharq Al-Awsat

Egypt and Saudi Arabia, represented by the Saudi Electricity Company and the Egyptian Electricity Transmission Company, signed the contracts for the award of the electricity interconnection project between the two countries, on Tuesday, in the presence of the Saudi Minister of Energy Prince Abdulaziz bin Salman, and Egypt’s Electricity and Renewable Energy Minister Muhammad Shaker.

The Saudi Energy Minister said that the achievement of this important phase of the project is the culmination of the directives of the leaders of Saudi Arabia and Egypt.

The Minister added that the electricity connection plans in the Kingdom, in general, are aligned with executive programs enacted by the Kingdom’s Vision 2030, which enjoys the support and interest of Crown Prince Mohammad bin Salman.

Vision 2030 aims to invest in the Kingdom’s strategic location and its possession of the largest electricity grid in the region. Arab countries and the Middle East could become a hub for the exchange of electricity through interconnection projects between countries. This helps to strengthen the regional market for electricity trading and supports the participation of involved countries.

For his part, Shaker said that the project represents the culmination of the depth of Egyptian-Saudi relations, and the link between them will be the core of a joint Arab bond, as well as being complementary and supportive to visions of both countries.

More so, the Egyptian Ministry of Electricity and Renewable Energy said in a statement that the project involves the linkage of the region’s biggest grids and will reinforce the stability of the power supply between the two countries.

The first stage is scheduled to be operated in late 2024, with a capacity of 1.5 gigawatts, the statement added.

Saying the project is consistent with the Kingdom’s Vision 2030, Abdulaziz bin Salman reiterated that Saudi Arabia, with the largest electric network in the Arab region and the Middle East, is qualified to be a regional center for the exchange of electrical energy through carrying out linkage projects with other countries.

The project, which will allow both countries to exchange up to three gigawatts of electric power at peak times, would cost around 1.8 billion US dollars.

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French MP: We Look Forward to Sustainable Cooperation with Saudi Arabia under Vision 2030

French MP Amélia Lakrafi. (Asharq Al-Awsat)
French MP Amélia Lakrafi. (Asharq Al-Awsat)
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French MP: We Look Forward to Sustainable Cooperation with Saudi Arabia under Vision 2030

French MP Amélia Lakrafi. (Asharq Al-Awsat)
French MP Amélia Lakrafi. (Asharq Al-Awsat)

As Saudi Arabia undergoes economic and social changes under its Vision 2030, attention is turning to strengthening strategic partnerships with France in areas such as innovation, technology and cybersecurity.

Amélia Lakrafi, a French member of parliament and representative for French nationals abroad, stressed the importance of Vision 2030 as a platform for long-term cooperation between the two nations.

Vision 2030 presents unique opportunities to boost economic ties between France and Saudi Arabia, she stressed.

She emphasized the need to support innovation and technology as key areas of collaboration.

To advance this partnership, she suggested empowering French-Saudi business councils and holding regular meetings for companies and experts to discuss legal and tax issues, such as setting up companies without a local partner.

She also proposed creating a unified platform to streamline information access for businesses and coordinate with entities like embassies and the “Business France” agency.

France should highlight the investment opportunities it offers to Saudi investors, ensuring quick and clear solutions to legal and procedural challenges, Lakrafi went on to say.

Innovation and AI

Innovation and technology are vital for future cooperation. Lakrafi noted that artificial intelligence (AI) and renewable energy are key areas for collaboration.

She explained that AI is a strategic priority for both France and Saudi Arabia, and French President Emmanuel Macron’s recent visit to Riyadh highlighted its potential.

Paris will host a global AI event in February, with Saudi Arabia as a partner guest, said the MP.

The event will help strengthen partnerships between institutions and businesses from both countries. She proposed creating competitive hubs in Saudi Arabia, similar to those in France, to bring together large companies, startups and researchers.

Boosting capital

Lakrafi stressed the importance of intangible capital, which includes branding, reputation and internal processes, for improving competitiveness.

“Intangible capital represents about 60% of a company's value,” she said. “Companies should invest in securing these assets, through trademark registration, enhanced cybersecurity, or better internal management.”

She called for the development of tools to measure intangible capital, which could help businesses build trust and attract investors and customers.

Cybersecurity

Given the rise in global cyber threats, Lakrafi called for stronger cooperation between France and Saudi Arabia in cybersecurity.

She underscored France’s expertise through institutions like the National Agency for the Security of Information Systems.

This collaboration could help Saudi Arabia develop shared cybersecurity standards, including rules to secure companies receiving government funding. She also warned that 80% of companies hit by major cyberattacks close within three years.

Lakrafi concluded by stressing that the cooperation between France and Saudi Arabia extends beyond economic ties, focusing on building cultural and social connections that support shared goals.

“Our relationship with Saudi Arabia goes beyond economics. We are building new links every day, whether between leaders, lawmakers, or citizens. I see a bright future for this partnership that will strengthen both countries’ global standing,” she remarked.