RIYADH: Saudi Arabia and Egypt have signed new contracts for electrical connection projects, Arab News reported.
The deal is valued at $1.8 billion, and will start in 2022. By the end of the project, there will be a mutual exchange of 3,000 watts of electricity.
“Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them,” said Abdulaziz bin Salman, the minister of energy in Saudi Arabia during a virtual conference.
The Egyptian minister of electricity, Mohamed Shaker, said: “The project is a corridor for the transit of electricity to reach the continent of Asia.”
The Egyptian side will bear 40 per cent to 45 per cent of the project value, and part of the funding will come through Arab institutions.
