Egypt’s nuclear project on target, minister says

It is expected that 25,000 workers will be employed on the construction of the plant, 80 percent of them Egyptian. (Reuters)
Short Url
Updated 16 July 2021
Follow

Egypt’s nuclear project on target, minister says

  • The first El-Dabaa nuclear power plant will consist of four power units with a capacity of 1,200 megawatts each

CAIRO: Egypt’s El-Dabaa nuclear plant project is proceeding according to the schedule agreed with Russian company Rosatom, Electricity and Renewable Energy Minister Mohammed Shaker said, as the head of Rosatom visited Egypt to inspect the site.

Shaker confirmed that the plant is not facing any obstacles and aims begin operation in 2026.

Work is underway on the project in the city of El-Dabaa in Matrouh governorate on the Mediterranean coast. 

The first El-Dabaa nuclear power plant will consist of four power units with a capacity of 1,200 megawatts each.

These plants will be equipped with the third generation VVER-1200 reactor (GEN3+), the latest technology designed for nuclear power plants.

It is expected that 25,000 workers will be employed on the construction of the plant, 80 percent of them Egyptian.

Egyptian officials have been invited to attend a ceremony in Russia next month to mark the start of the first phase construction.

Egypt signed the agreement with Rosatom to establish its first nuclear power plant, which is expected to cost around $4 billion.

Shaker said that Egypt is seeking to become a regional energy hub through electrical interconnections with many countries, including Saudi Arabia.

He said that the capacity of the connection with Saudi Arabia will reach between 2,000 megawatts and 3,000 megawatts.

The ministry is keen to increase the electrical interconnection capacities with Sudan, Libya and Jordan.

It has signed electrical interconnection agreements with the three countries, which currently amount to between 3,500 to 4,000 megawatts.

The electrical interconnection capacity with Sudan is set to increase to 300 megawatts within 16 months. it is expected to increase to 2,000 megawatts with Jordan.


Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
Follow

Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.

The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.

The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.

The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.

Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.

On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.

Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.

On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.

In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”

The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.

“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.

RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.