Skip to content Skip to Search
Skip navigation

$566m funding secured for Saudi-Egypt power project

By Pramod Kumar
Utility Pole, Cable, Power Lines Reuters/Stephane Mahe
Egypt turned to the IMF for assistance after Russia's war in Ukraine pushed up its bills for wheat and oil

Saudi Electricity Company has secured a $566.4 million export credit agency-supported Islamic financing facility for the Saudi-Egypt electricity interconnection project.

The facility is from Standard Chartered Bank and Sumitomo Mitsui Banking Corporation. Standard Chartered Bank said in a statement that the 14-year Islamic (Murabaha) financing will be guaranteed by the Swedish Export Credit Agency and funded by the Swedish Export Credit Corporation.  

The electricity interconnection project is the first large-scale, high-voltage direct current interconnection in the Middle East and North Africa to link electricity grids. 

The project will allow Saudi Arabia and Egypt to exchange up to 3,000mw of power. 

The connection is expected to be in place by 2026 and will support power flow in multiple directions between Badr in Egypt to El-Madinah El-Munawara via Tabuk in Saudi Arabia.

Standard Chartered Bank was also among other financial institutions to provide $3bn as part of the five-year syndicated loan.

Register now: It’s easy and free

AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.

Why sign uP

  • Exclusive weekly email from our editor-in-chief
  • Personalised weekly emails for your preferred industry sectors
  • Read and download our insight packed white papers
  • Access to our mobile app
  • Prioritised access to live events
Register for free

I’ll register later

Latest articles

Saudi Arabia's push for real estate growth has intensified with stricter land tax regulations under the White Land Tax Law

Tax changes penalise Saudis who hoard vacant land

Amendments to land taxes in Saudi Arabia will make it more expensive for property owners to hold on to undeveloped land for long periods of time, or to buy and sell land quickly, tax experts have said. Changes to the White Land Tax Law in the kingdom, which were ratified on Tuesday, aim to encourage […]

Coffee chain Starbucks is among the biggest losers in the PIF US portfolio, falling $105 million

PIF’s US portfolio weathers ‘Liberation Day’ storm

It has been a month since President Trump’s “Liberation Day” and a near tripling in US tariffs on imports to their highest in more than a century, after which global financial markets plunged. Overall, however, Saudi Arabia’s $940 billion Public Investment Fund (PIF) has not come out of it too badly. So far, anyway. On […]

People stroll past multiple casinos on the famous boardwalk in Atlantic City, New Jersey. The US state and the UAE are focusing on 'cybersecurity and consumer protections'

New Jersey and UAE gaming regulators sign agreement

The US state of New Jersey, home to Atlantic City’s casino resorts, signed a landmark agreement this week with the UAE’s gaming regulator. The agreement comes as MGM Resorts International, a major Las Vegas casino operator, held meetings about its upcoming projects in the emirates. The memorandum of understanding was signed in Abu Dhabi on […]

Abu Dhabi's Sheikh Tahnoon bin Zayed Al Nahyan met with US officials to discuss chip exports, and President Trump may announce progress on a deal during his upcoming Gulf visit

US considers easing of chip export restrictions on UAE

The US is considering easing restrictions on the export of high-end semiconductors to the UAE, Bloomberg reported. President Donald Trump could announce the start of work on a bilateral chip deal during his upcoming trip to the Gulf, the news service said, without identifying sources. Nothing has yet been decided but the talks are picking up […]

Adult, Male, Man

Tecom profit rises on higher revenue and demand

Tecom Group, a Dubai-based developer and operator of business parks and free zones, reported an increase in net profit for the first quarter, driven by record demand in the emirate’s commercial property sector. Net profit grew by 23 percent year-on-year to AED361 million ($98 million) during the three months to March led by “improved collections […]

TSMC is the largest contract chip maker in the world. Can Gulf states compete?

Gulf enters chip wars

Chip War by Chris Miller is an account of the most competitive, most brutal industry in the world – more competitive and brutal than the oil business, which is saying something. Miller reckons that US supremacy in the manufacture and design of semi-conductors was a major contributor to victory in the Cold War. More advanced chips […]

Greece aims to attract more visitors throughout the year, signing a deal with Emirates that includes a codeshare with Aegean Airlines to expand travel options

Emirates signs agreement with Greek air carrier Aegean

Greece has signed an outline deal with Dubai’s Emirates that includes a codeshare agreement with Greek air carrier Aegean, the country’s Tourism Ministry said on Friday, as it seeks to attract more tourists all year round. The codeshare agreement will expand travellers’ access to popular destinations, including the islands of Santorini, Mykonos and Rhodes, the […]

Dubai International Financial Centre, home of Dubai Financial Market

DFM first-quarter profit jumps on higher trading activity

Profit at Dubai Financial Market surged more than 40 percent year on year in the first quarter, driven by the highest trading activity in more than a decade, the company said. Net profit before tax rose to AED135 million ($37 million) in the three months to March 31, compared with AED95.6 million in the same […]

Imports of consumer goods shot up in the first three months of the year

Turkey trade deficit widens paced by consumer goods imports

Turkey’s trade deficit widened in the first quarter by 11 percent, paced by a jump in the import of consumer goods and muted growth in high value exports, fresh government data show. Imports in the three months to March 31 rose more than 4 percent to almost $88 billion, while exports expanded by less than 3 […]

Morocco returned better than expected results in the first quarter of 2025

Morocco reports fiscal surplus in first quarter

An increase in revenues on the back of higher direct taxes turned a projected fiscal deficit in Morocco into a surplus in the first quarter of 2025, according to official data. Revenues swelled by a fifth after direct taxes increased by 40 percent and indirect taxes grew by 10 percent, the General Treasury said. A […]

As part of the Lunate deal, Azura will relocate its headquarters from Monaco to Abu Dhabi

Wealth company Azura to leave Monaco for Abu Dhabi

Lunate, an Abu Dhabi-based alternative asset manager, has acquired a stake in Azura Partners, a wealth management firm in Monaco. Azura, started by former Julius Baer executive Ali Jamal, manages assets of around $5 billion and serves high-net-worth and ultra-high-net-worth clients.  As part of the deal, Azura will relocate its headquarters from Monaco to Abu […]