Search Site

Trends banner

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

Egypt and Saudi Arabia sign $1.8bn contract for electrical connection

Egyptian minister of electricity: “The project is a corridor for the transit of electricity to reach the continent of Asia."
  • The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements
  •  “Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them”

Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during peak times.

The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements. The deal is valued at $1.8 billion, and will start in 2022.

“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.”