Saudi Arabia, Iraq Sign Electricity Interconnection Agreement

Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Oil Minister Ihsan Abdul-Jabbar sign the agreement (Asharq Al-Awsat)
Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Oil Minister Ihsan Abdul-Jabbar sign the agreement (Asharq Al-Awsat)
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Saudi Arabia, Iraq Sign Electricity Interconnection Agreement

Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Oil Minister Ihsan Abdul-Jabbar sign the agreement (Asharq Al-Awsat)
Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Oil Minister Ihsan Abdul-Jabbar sign the agreement (Asharq Al-Awsat)

Saudi Arabia and Iraq signed the executive report on the principles of the electricity interconnection agreement between the two countries implementing the memorandum of understanding signed at the beginning of 2022.

The electrical interconnection will link from Arar in northern Saudi Arabia to Yusufiya near Baghdad and have a capacity of 1,000 megawatts and a voltage of 400 kilovolts, with a length of 435 km.

The event was attended by the Saudi Minister of Energy, Prince Abdulaziz bin Salman, who praised the role of Crown Prince Mohammed bin Salman in accelerating the electricity connection with Iraq, which comes as confirmation of the continuous cooperation in all fields.

The Minister indicated that the deal also expresses both countries' desire to consolidate economic relations between them to achieve the aspirations of their leadership and people and ensure the speedy implementation of the project.

He explained that the completion of this project comes within the framework of Vision 2030 and its executive programs, which focuses on investing in the Kingdom's strategic location.

The project will contribute to supporting the reliability of the electrical networks in the two countries, achieving economic savings, supporting the integration of the networks into renewable energy, and achieving optimal investments in electricity generation projects.

The project also constitutes a step to establish a regional market for electricity trade and support the two countries' participation.

In addition, the Gulf Interconnection Authority (GCCIA) signed the contract between its network and the electricity grid of southern Iraq on the sidelines of the Jeddah Security and Development Summit, hosted by Saudi Arabia on Saturday.

The contract includes the authority's construction of lines from its substation in Kuwait to the al-Faw station in southern Iraq to ​​supply it with about 500 megawatts of energy from the Gulf countries.

Construction work will take about 24 months with a total transmission capacity of 1800 megawatts.



Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.