Search Site

Aramco Q1 profit down 14.5%

Despite lower profit, it will pay $31bn in dividends to Saudi government.

IHC Q1 net profit $2.17bn

The company launches Share Buyback Programme

Amazon triples quarterly profit

The company's cloud, ads, and retail businesses thrive.

McDonald’s profits up 7%

The quarterly profits increased despite weak Middle East sales.

ADQ buys stake in Plenary Group

The deal is aimed at expanding public and social infrastructure.

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.