Saudi Arabia to Host World Economic Forum Meeting in April

'Saudi Arabia: The Course Ahead' panel in Davos on Thursday
'Saudi Arabia: The Course Ahead' panel in Davos on Thursday
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Saudi Arabia to Host World Economic Forum Meeting in April

'Saudi Arabia: The Course Ahead' panel in Davos on Thursday
'Saudi Arabia: The Course Ahead' panel in Davos on Thursday

Saudi Arabia will host a special World Economic Forum (WEF) meeting in April, Economy Minister Faisal Alibrahim said on Thursday.

The meeting, scheduled to take place from April 28-29, will focus on global collaboration, growth and energy, Alibrahim said in Davos, Switzerland, where the World Economic Forum's main annual event is currently taking place.

He spoke at “Saudi Arabia: The Course Ahead" panel.

"The (World Economic) Forum has recognized that the kingdom is becoming a stronger, more impactful leader on the global stage... and we found it as an opportune time to bring this global Tier 1 event to the kingdom, and start this new chapter together," Alibrahim later told Reuters in an interview.

"This will contribute to Riyadh becoming a more global platform," he said, adding the Saudi government had been in talks with the WEF for some time to host an event.

Hosting the WEF in Riyadh will not take away from the kingdom's flagship annual event, the Future Investment Initiative (FII), Alibrahim said.



Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)

Egypt has reported significant progress in the construction of the El-Dabaa nuclear power plant in the country’s northwest, a project being developed in cooperation with Russia. The government announced on Tuesday that more than 20% of the project has been completed.

Egypt and Russia signed a cooperation agreement on November 19, 2015, to establish the nuclear power station at a cost of $25 billion, funded through a Russian government loan. The final agreements for El-Dabaa were signed in December 2017.

The plant will consist of four nuclear reactors with a total generation capacity of 4,800 megawatts, each producing 1,200 megawatts. The first reactor is scheduled to begin operations in 2028, with the remaining units coming online gradually as part of Egypt’s energy mix.

In its quarterly performance report, the Egyptian government stated that the project aligns with efforts to expand the peaceful use of nuclear energy within the national power grid.

President Abdel Fattah al-Sisi emphasized in November the importance of executing energy projects efficiently and on schedule, calling them a pillar of Egypt’s development strategy. He underscored the need to adhere to the project timeline while ensuring the highest standards of execution and workforce training.

Also in November, Prime Minister Mostafa Madbouly reaffirmed Egypt’s commitment to the project, stating that El-Dabaa would enhance renewable energy capacity and stabilize the national power grid.

In early March, Russia’s Atomstroyexport announced that construction on the second reactor at El-Dabaa had progressed ahead of schedule. According to the Egyptian Nuclear Power Plants Authority, the second tier of the inner containment structure had been installed at the reactor building.

Egypt experienced widespread power outages last summer, which ended in late July after securing sufficient fuel supplies for its power plants.

The El-Dabaa project is part of Egypt’s strategy to diversify its energy sources, generate electricity to meet domestic demand, and reduce reliance on imported gas and other fuels.

On Tuesday, the government also announced an additional 200 megawatts of private-sector solar power capacity as part of its efforts to expand renewable energy. Officials said the move would support energy diversification and advance the country’s sustainable development strategy.