Egypt and Saudi Arabia have taken a significant step in strengthening their energy ties with the successful completion of the first phase of the Egyptian-Saudi electricity interconnection project, which will be operational by May or June 2025. Prime Minister Mostafa Madbouly highlighted the project’s importance during a weekly press conference, underlining the government’s commitment to pursuing renewable energy projects and the importance of joint investments in the industrial sector.
“The project will have a capacity of 1,500 megawatts and facilitate energy exchange between both countries,” Madbouly said. “It will be a major milestone, with a total capacity of 3,000 megawatts, which will surpass the total regional energy capacity of GCC countries.”
The announcement came following a summit in Cairo on Tuesday between Egyptian President Abdel Fattah Al-Sisi and Saudi Crown Prince Mohammed bin Salman, aimed at bolstering coordination between the two nations across all fields, including politics, foreign affairs and regional issues.
Madbouly welcomed the signing of the agreement establishing the Egyptian-Saudi Supreme Coordination Council. The council, headed by the leaders of both nations, will involve ministers from each country and serve as a platform for coordination and collaboration.
“This council is a crucial mechanism for comprehensive high-level coordination,” Madbouly said. “It will play a key role in strengthening strategic ties between both nations and fostering a significant leap in relations.”
The summit also saw the signing of a mutual investment protection agreement, which aims to facilitate and encourage mutual investments while ensuring their protection.
“We were able to achieve this in a very short period of time,” Madbouly said, adding that the agreement will be vital in boosting Saudi investments in Egypt.
Speaking about the summit, Madbouly emphasised the significance of the event amid volatile regional developments. “This event conveyed crucial messages,” he said. “Discussions focused on regional developments and the need for comprehensive coordination between Egypt and Saudi Arabia to address rapid changes.”
He also stressed the importance of both nations’ role as pillars of the Arab and Islamic world, saying they play a significant role in influencing the region.
Discussions extended beyond regional developments to address specific challenges in the region, including the conflicts in Gaza and Southern Lebanon.
“Both Egypt and Saudi Arabia share a unified vision regarding these crises, emphasizing the need for joint efforts to prevent the spread of conflict and facilitate peaceful resolutions,” Madbouly said.
In addition to the agreements, Madbouly highlighted the importance of Egypt’s proactive approach to addressing various scenarios within the region, prioritising the needs of its citizens.
“We are putting all possible scenarios in place,” he said. “The Egyptian state will not engage in war unless its borders or national assets are directly threatened.”
He stressed that the government’s approach is not meant to instill fear but rather to offer transparency and accountability.
Madbouly also provided updates on the Egyptian economy, highlighting the successful completion of the first phase of the Egyptian-Saudi electricity interconnection project, which will be operational by May or June 2024.
He also shared news of the imminent commencement of the trial operation of the Grand Egyptian Museum. This monumental project, closely monitored by President El-Sisi, is poised to become a global landmark, showcasing Egypt’s legacy to the world.
“The museum will contribute to attracting a significant influx of foreign tourists once fully operational,” Madbouly said.
Madbouly concluded his address by highlighting the importance of Egyptians remaining vigilant and united in the face of unprecedented regional challenges. He assured citizens that the nation will remain a safe haven and a beacon of stability in the region.
