INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Egypt to soon start work on Saudi power link project

    • Egypt and Saudi Arabia will soon launch the African country’s electrical interconnection project

    • This will increase grid capacity to 2,000 megawatts

     

    Egypt and Saudi Arabia will soon launch the African country’s electrical interconnection project, said local reports on Tuesday, June 15.

    This “major scheme” will increase grid capacity to 2,000 megawatts, the reports went on to add.

    Egyptian Minister of Electricity Mohammed Shaker was quoted by the reports as saying that a global consultant will undertake studies to adjust the paths of the power lines.

    Egypt and Saudi Arabia had signed a cooperation agreement in 2012 to establish the electrical interconnection project.

    It will reportedly be the main axis in the Arab electrical linkage, which aims to create an infrastructure for electricity trade between Arab countries.

    The tenders for the implementation of the project have been finalized but the winning company is yet to be announced, stated Shaker, while speaking on the sidelines of the first forum of heads of African investment agencies in Sharm El-Sheikh.

    Transmission lines between the two countries will be established under the DC (direct current) system, the latest in Egypt and the Arab region, he added.