Egypt signs energy MoUs with Syria, expanding regional supply role 

The deals were formalized by Syria’s Deputy Minister of Energy for Oil Affairs Ghiath Diab. and Mohamed El-Bagoury, head of legal affairs at the Egyptian ministry. Facebook/Presidency of the Egyptian Council of Ministers
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Updated 06 January 2026
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Egypt signs energy MoUs with Syria, expanding regional supply role 

JEDDAH: Egypt has signed two memorandums of understanding with Syria to supply natural gas for electricity generation and provide petroleum products, as Cairo moves to strengthen its position as a regional energy transit hub.

According to Egypt’s petroleum ministry, the agreements were signed during talks between its Minister of Petroleum and Mineral Resources Karim Badawi and a Syrian delegation led by Deputy Minister of Energy for Oil Affairs Ghiath Diab.

The deals were formalized by Diab and Mohamed El-Bagoury, head of legal affairs at the Egyptian ministry. 

The agreements come as Egypt seeks to capitalize on its liquefied natural gas plants, pipelines and floating regasification units to position itself as a regional energy hub. 

Syria’s energy sector has been severely weakened by years of conflict and damaged infrastructure, prompting redevelopment efforts and regional cooperation which underscores the importance of external partnerships in rebuilding the country’s power and oil networks. 

“The meeting reflects Egypt’s role as a regional logistics hub for all types of energy, both fossil and non-fossil,” the ministry said in a statement, reaffirming its readiness to provide technical expertise and support to Syria’s energy sector as part of efforts to assist the Syrian people. 

Under the first MoU, Egypt will cooperate in supplying gas to Syria for power generation, using its existing infrastructure, including regasification vessels and transmission networks. 

The second agreement relates to meeting the country’s needs for petroleum products. 

The meeting also discussed opportunities to rehabilitate Syria’s oil and gas infrastructure and benefit from Egyptian expertise in the sector. 

The deals with follow recent energy cooperation with Lebanon and earlier arrangements with Cyprus aimed at routing Eastern Mediterranean gas through Egypt’s facilities. 

Speaking at the ADIPEC conference in Abu Dhabi in November, Badawi highlighted Egypt’s growing role as a regional hub for energy transit and trade, supported by fully integrated and ready infrastructure. 

He said this demonstrated the country’s ability to provide a fast, cost-effective and reliable route for delivering East Mediterranean gas resources to global markets at competitive prices. 

Badawi cited plans to connect Cyprus’s Cronos gas field to Egypt’s network as a key step toward deeper regional integration, allowing current and future Cypriot discoveries to be processed through Egyptian liquefaction and export facilities. 


Closing Bell: Saudi main index rises to close at 10,912 

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Closing Bell: Saudi main index rises to close at 10,912 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 93.86 points, or 0.87 percent, to close at 10,912.18. 

The total trading turnover of the benchmark index stood at SR3.03 billion ($809 million), with 230 stocks advancing and 29 declining.  

The Kingdom’s parallel market Nomu also gained 29.13 points, or 0.12 percent, to close at 23,442.91, as 43 stocks advanced and 25 retreated. 

The MSCI Tadawul Index added 9.48 points, or 0.65 percent, to end the session at 1,466.52.  

Arabian Shield Cooperative Insurance Co. was the best-performing stock of the day, with its share price surging 8.55 percent to SR11.94. 

Other top performers included CHUBB Arabia Cooperative Insurance Co., which rose 6.33 percent to SR23.50, and BAAN Holding Group Co., whose shares climbed 6.06 percent to SR2.10.  

United International Holding Co. recorded the steepest decline, falling 2.34 percent to SR146.20. 

SEDCO Capital REIT Fund also saw its share price drop 2.17 percent to SR6.77, while Saudi Manpower Solutions Co. declined 1.58 percent to SR5.60.  

On the corporate front, Saudi Electricity Co. announced the completion of a US dollar-denominated senior unsecured sukuk issuance under its international sukuk program, offered to eligible investors in Saudi Arabia and globally. 

According to a Tadawul statement, the company completed the issuance of a three-tranche sukuk with maturities of three, six and 10 years, raising an aggregate $2.4 billion. The sukuk will be listed on the London Stock Exchange’s International Securities Market.  

Saudi Electricity Co. closed the session at SR14.09, down 0.57 percent. 

Najran Cement Co. said it has secured a mid-term, Shariah-compliant loan of SR50 million from Saudi National Bank to support subsidiary expansion. A bourse filing said the financing will be repaid over five years in semi-annual instalments, with a six-month grace period. 

Najran Cement Co. ended the session at SR6.59, up 0.92 percent. 

Almarai Co. announced its consolidated financial results for the year ended Dec. 31, 2025, reporting a net profit of SR2.45 billion, up 6.2 percent year on year. 

According to a Tadawul statement, the increase was driven by higher revenue growth, disciplined cost control, an improved revenue mix and lower funding costs. 

Almarai Co. closed at SR43.60, up 0.97 percent.