Kuwait to Buy 500MW of Power Through GCC Interconnection Authority

Kuwaiti Electricity Ministry's acting undersecretary, Haitham Al-Ali, and CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, sign the contracts on Sunday (KUNA)
Kuwaiti Electricity Ministry's acting undersecretary, Haitham Al-Ali, and CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, sign the contracts on Sunday (KUNA)
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Kuwait to Buy 500MW of Power Through GCC Interconnection Authority

Kuwaiti Electricity Ministry's acting undersecretary, Haitham Al-Ali, and CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, sign the contracts on Sunday (KUNA)
Kuwaiti Electricity Ministry's acting undersecretary, Haitham Al-Ali, and CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, sign the contracts on Sunday (KUNA)

Kuwait on Sunday signed contracts to buy 500 megawatts (MW) of electricity through the Gulf Cooperation Council Interconnection Authority (GCCIA) to avoid summer blackouts.
The contracts are for 300 MW from Oman and 200 MW from Qatar, the electricity ministry's acting undersecretary, Haitham Al-Ali, told reporters at the signing event, adding that the contracts would last from June 1 to Aug. 31.
Al-Ali explained that the contracts were signed directly with the Gulf Interconnection Authority, which coordinates these transactions with Oman and Qatar on behalf of Kuwait.
He said this brings technical and economic benefits to Kuwait, especially with the proximity of the offers submitted for energy purchase prices to the cost of production.
The GCC Electricity Interconnection Authority oversees the management of a transmission system that integrates the power grids of all six member countries of the Gulf Cooperation Council.
The CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, said in a similar statement that the energy market is one of the most efficient markets in the region.
He noted that the Gulf Electricity Market enables GCC countries to enter into bilateral agreements through a platform, which is responsible for the settlement and billing system that covers the needs of traders.
El-Ebrahim pointed out that the Ministry and the Gulf Interconnection Authority have agreed on the offers submitted for the supply of electric energy to Kuwait during the coming June so that they can be renewed during the coming July and August according to the conditions and needs of interconnected networks from member states.
The State of Kuwait owns 26.7% of the founding shares of the Gulf Interconnection Authority, a joint stock company registered by GCC member states to create an interconnection of power grids between its members, ensure energy supply to the networks of GCC member states, invest and achieve economic benefits in the areas of energy exchange and to diversify the sources of their energy imports.



Saudi Arabia, Tajikistan Sign Agreement to Establish Joint Business Council

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia, Tajikistan Sign Agreement to Establish Joint Business Council

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

The Federation of Saudi Chambers and the Chamber of Commerce and Industry in Tajikistan signed an agreement on Monday to establish a Saudi-Tajik Business Council aimed at strengthening trade and investment relations between the two nations.

The agreement was signed in Riyadh by Chairman of the Federation of Saudi Chambers Hassan Al-Huwaizi and Chairman of the Tajik Chamber of Commerce and Industry Jamshed Jumakhonzoda. The signing ceremony was attended by Tajikistan's First Deputy Prime Minister Hokim Kholiqzoda, Saudi Minister of Investment Khalid Al-Falih, and several officials and business leaders from both countries.

The business council will engage in systematic trade and investment promotion activities across various sectors identified in the economic cooperation agenda. It will serve as a platform for Saudi and Tajik business communities to network, showcase their activities, and foster commercial partnerships.

Additionally, the council will work to open new avenues for economic collaboration, facilitate continuous interaction between the private sectors of both countries, and exchange information on market opportunities. Plans include organizing exhibitions, conferences, and trade delegation visits to enhance mutual economic ties.

This agreement marks a significant step forward in expanding bilateral economic cooperation, aligning with both nations’ goals to strengthen partnerships and explore new business opportunities.