Arab Finance: Dr. Mostafa Madbouly, Prime Minister, said that the agreement Investment protection signed between Egypt and Saudi Arabia It aims to simplify, facilitate and stimulate investments between the two countries.
Madbouly added during the weekly press conference held at the government headquarters in the Administrative Capital that the Supreme Council for Coordination between Egypt and Saudi Arabia’s main goal is to strengthen strategic relations between the two countries.
He also pointed out that Cairo and Riyadh discussed industry files yesterday, Tuesday, and the follow-up of new and renewable energy projects, the most important of which are electrical interconnection projects between Cairo and Riyadh, confirming that the first phase of the electrical interconnection between Egypt and Saudi Arabia will enter service next May or June, with a maximum capacity of 1,500 megawatts as a mutual interconnection. , which benefits both countries due to the difference in peak hours between them.
Madbouly explained that the total capacity of the Cairo-Riyadh link project reaches 3,000 megawatts over two phases, given that the project’s capacity exceeds the energy rates in the entire Gulf Cooperation countries.
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