Energy Egypt aims to export electricity to Europe via Greece By Pramod Kumar September 4, 2022, 7:40 AM Creative Commons The cooperation consolidates Egypt’s position as a regional hub for energy trade, says official government spokesperson. Egyptian President Abdel Fattah Al-Sisi discussed joint cooperation with the Greek energy and infrastructure firm Copelouzos Group to establish clean energy production and transmission projects to serve Egypt, Greece, African and European continents, Egypt Today reported. The cooperation consolidates Egypt’s position as a regional hub for energy trade, said Bassam Rady, official spokesperson for the Presidency of the Republic. The meeting reviewed electricity production projects from renewable energy sources in Egypt and means to export to Europe via Greece by establishing a submarine cable for electrical linkage between the two countries. In October 2021, Egypt, Greece and Cyprus signed an agreement to link their electricity grids towards connecting the three nations’ grids with the rest of Europe through a 1,396 kilometres long undersea cable at the total cost of $2.7 billion.
Tech Elm buys PIF’s technology unit for $907m Saudi Arabia’s Elm Company has agreed to buy Thiqah Business Service Company, a wholly owned unit of the Public Investment Fund (PIF), for SAR3.4 billion ($906 million). Elm says the buyout will support its growth in the digital services space, localise technology and drive innovation. The completion of the acquisition will be subject to obtaining regulatory […] 3 hours ago
Logistics Kuwait approves Chinese company for port operations The Kuwaiti cabinet has approved a contracting pact with China State Construction Engineering Corporation for the operation and management of the Mubarak Al-Kabeer port project. Noura Al-Mashaan, Kuwait’s public works minister, met with a Chinese delegation in September 2024 to speed up the work on the port, state-run Kuna news agency reported. Chinese state-owned companies […] 3 hours ago
Artificial Intelligence Gulf has a strong hand in Trump’s $500bn AI project Two of the three tech giants that will spend billions of dollars building US artificial intelligence infrastructure in a partnership announced by President Donald Trump have been the recipients of significant Gulf investment. Japan’s SoftBank and US companies OpenAI and Oracle have committed $500 billion over four years to Stargate, an entity tasked with building […] 57 mins ago
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] 15 mins ago
