Saudi, Egyptian energy ministers review progress on $1.8bn electrical interconnection project

Saudi Arabia’s Energy Minister Prince Salman bin Abdulaziz on Monday held a meeting with his Egyptian counterpart Mohamed Shaker in Cairo. SPA
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Updated 21 June 2022
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Saudi, Egyptian energy ministers review progress on $1.8bn electrical interconnection project

RIYADH: Saudi Arabia’s Energy Minister Prince Salman bin Abdulaziz on Monday held a meeting with his Egyptian counterpart Mohamed Shaker in Cairo to follow up on the progress on the electrical interconnection project between the two countries.

Last October, Saudi Arabia and Egypt signed contracts for a $1.8 billion electricity interconnection project that ensures an exchange of 3,000 MW of electricity.

The meeting was part of the official visit of Crown Prince Mohammed bin Salman to Egypt, the Saudi Press Agency reported.

During the meeting, the parties also discussed aspects of cooperation in the fields of renewable energy and hydrogen.

On Tuesday, Saudi Arabia’s ACWA Power announced an investment worth $1.5 billion in a wind power plant in Egypt as the company expands its horizons in renewable energy.

The deal will see ACWA Power develop, build, and operate the 1,100 MW wind farm located in the Gulf of Suez in Egypt.


Closing Bell: Saudi main index closes in red at 11,183

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Closing Bell: Saudi main index closes in red at 11,183

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.

The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.

The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.

The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.

The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.

Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.

On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.

Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.

On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.

In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”

Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.

The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.