Latest news with #ArabCommonElectricityMarket
Jordan Times
28-04-2025
- Business
- Jordan Times
NEPCO hosts 4th meeting on Arab Mashreq energy exchange project
The National Electric Power Company on Monday hosts the fourth meeting of the pilot project for energy exchange among the Arab Mashreq countries (Petra photo) AMMAN — The National Electric Power Company (NEPCO) on Monday hosted the fourth meeting of the pilot project for energy exchange among Arab Mashreq countries, serving as the 'nucleus' for the Arab Common Electricity Market. NEPCO is hosting the meeting, held under the auspices of the Arab League, on Monday and Tuesday, the Jordan News Agency, Petra, reported. The Ministry of Energy and Mineral Resources and NEPCO represented the Kingdom at the meeting, alongside their counterparts from Saudi Arabia and Egypt. The meeting sought to reach agreement on the technical aspects necessary to establish the pilot project, setting the stage for the accession of additional Arab countries in subsequent phases. This initiative marks the foundation for establishing a common Arab electricity market grounded in commercial and economic principles. It aims to deliver energy to the region's populations at the 'lowest cost and highest quality,' while supporting the transition to renewable energy sources and reducing carbon emissions. The project is 'important' for advancing Arab economic integration, in line with the Arab League's objectives of enhancing economic cooperation among member states. It also aims to facilitate regional energy trade and bolster energy security by linking national grids and creating an official regional electricity market. Future plans envision linking the power systems of all Arab countries, promoting investment opportunities and saving billions of dollars by reducing costs and minimising the need for new power plants. According to studies published by the Arab League, these interconnection projects are expected to be completed by 2038. Jordan, Saudi Arabia, and Egypt were selected for the pilot project based on existing electricity links between Jordan and Egypt, which have been in place for more than two decades, as well as the ongoing 3,000-megawatt interconnection project between Egypt and Saudi Arabia, expected to be operational by the end of 2025. Negotiations are ongoing between Jordan and Saudi Arabia to finalise their electricity interconnection agreement, Petra added.
Zawya
27-02-2025
- Business
- Zawya
Egypt: Cabinet approves draft decree on Arab Common Electricity Market agreements
Arab Finance: The Egyptian cabinet has approved a draft presidential decree on the "General Agreement for the Establishment of the Arab Common Electricity Market" and the "Arab Common Electricity Market Agreement," as per a statement. This step aligns with efforts to enhance Arab electricity interconnection, a major regional integration project. The initiative establishes a structured framework for market governance, supported by infrastructure and technical coordination among Arab countries. This framwork includes the memorandum of understanding (MoU) signed in April 2017 to establish the Arab Common Electricity Market, which is signed by 16 Arab nations so far. The cabinet also approved a draft presidential decree on a financing agreement for a non-refundable grant between Egypt and Spain. The grant will fund an initial feasibility study for extending Cairo Metro's first line from New Marg to Shubra El-Kheima. Another presidential decree was approved for a cooperation agreement between Egypt and the European Bank for Reconstruction and Development (EBRD) to establish a project account. This initiative aims to accelerate private sector investments by streamlining project financing and expediting contracting processes. The account will cut the approval time for feasibility study financing from one year to two months and allow contracts with international and national consultants within not more than six weeks. The government granted a golden license to YADA EGYPT, an Egyptian joint stock company under the private free zone system, for a €70 million furniture manufacturing project in New Alamein City. Spanning 208,000 square meters, the project will generate 6,350 direct and indirect jobs and is set for completion by the end of October 2026. The factory will export 100% of its production, with a local component of at least 40%. The project aligns with Egypt's strategy to expand exports, enhance manufacturing, and attract foreign investment. It also includes a partnership with Poland's Padma, a key supplier for IKEA, to transfer technology and train Egyptian workers. The furniture industry contributes 2.2% to Egypt's gross domestic product (GDP), with market revenues expected to reach $463.2 million by the end of the first quarter (Q1) of 2025 and grow to $796.1 million by 2029. Another golden license was granted to Chen Sheng Industry Company for a $145 million project to manufacture ductile iron pipes in Ain Sokhna's special economic zone. Covering 270,000 square meters, the project is set to begin commercial operations in March 2025 and will employ 700 workers. The company aims to export at least 80% of its production and introduce advanced industrial robotics in manufacturing. The project supports Egypt's strategy to strengthen local industries and attract foreign investment. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
