RIYADH: Egyptian Prime Minister Mostafa Madbouly said he wanted to work with the Greek government to export surplus natural gas to Europe.
It is part of a wider push to boost cooperation across energy and electrical grid interconnection across the island of Crete, which lies midway between the North African country and mainland Greece.
He made the disclosure during talks in Cairo on Monday between Egypt and Greece, co-chaired by Madbouly and his Greek counterpart Kyriakos Mitsotakis, Al Arabiya reported.
A number of recent offshore gas finds in the Eastern Mediterranean are rapidly redrawing Europe's energy landscape and shifting the balance of power as more countries move towards self-sufficiency in gas.
At the same time some countries in the region are also exploring the potential to link their power grids to allow the movement of electricity across borders.
It could potentially lead to Gulf Arab states exporting power north to Europe during the winter months when demand is high for heating and for European countries to share their excess power in the summer months, when demand rises in the Gulf, driven by rising air conditioning consumption.
Egypt wants to export surplus gas to Europe through Greece
https://arab.news/nwt3z
Egypt wants to export surplus gas to Europe through Greece
- It is part of a wider push to boost cooperation across energy and electrical grid interconnection across the island of Crete
Related
Lebanese social entrepreneur Omar Itani recognized by Schwab Foundation
- FabricAID co-founder among 21 global recipients recognized for social innovation
DAVOS: Lebanon’s Omar Itani is one of 21 recipients of the Social Entrepreneurs and Innovators of the Year Award by the Schwab Foundation for Social Entrepreneurship.
Itani is the co-founder of social enterprise FabricAID, which aims to “eradicate symptoms of poverty” by collecting and sanitizing secondhand clothing before placing items in stores in “extremely marginalized areas,” he told Arab News on the sidelines of the World Economic Forum in Davos, Switzerland.
With prices ranging from $0.25 to $4, the goal is for people to have a “dignified shopping experience” at affordable prices, he added.
FabricAID operates a network of clothing collection bins across key locations in Lebanon and Jordan, allowing people to donate pre-loved items. The garments are cleaned and sorted before being sold through the organization’s stores, while items that cannot be resold due to damage or heavy wear are repurposed for other uses, including corporate merchandise.
Since its launch, FabricAID has sold more than 1 million items, reached 200,000 beneficiaries and is preparing to expand into the Egyptian market.
Amid uncertainty in the Middle East, Itani advised young entrepreneurs to reframe challenges as opportunities.
“In Lebanon and the Arab world, we complain a lot,” he said. Understandably so, as “there are a lot of issues” in the region, resulting in people feeling frustrated and wanting to move away. But, he added, “a good portion of the challenges” facing the Middle East are “great economic and commercial opportunities.”
Over the past year, social innovators raised a combined $970 million in funding and secured a further $89 million in non-cash contributions, according to the Schwab Foundation’s recent report, “Built to Last: Social Innovation in Transition.”
This is particularly significant in an environment of geopolitical uncertainty and at a time when 82 percent report being affected by shrinking resources, triggering delays in program rollout (70 percent) and disruptions to scaling plans (72 percent).
Francois Bonnici, director of the Schwab Foundation for Social Entrepreneurship and a member of the World Economic Forum’s Executive Committee, said: “The next decade must move the models of social innovation decisively from the margins to the mainstream, transforming not only markets but mindsets.”
Award recipients take part in a structured three-year engagement with the Schwab Foundation, after which they join its global network as lifelong members. The program connects social entrepreneurs with international peers, collaborative initiatives, and capacity-building support aimed at strengthening and scaling their work.
