During the conference, Prime Minister Madbouly shared updates following a recent government meeting, with a focus on strategic developments between Egypt and Saudi Arabia as well as the country’s economic outlook.
Prime Minister, Mostafa Madbouly, added that remittances from Egyptians abroad have achieved advanced numbers again, reaching about $3 billion during the past month, in a press conference held at the New Administrative Capital.
During the conference, Prime Minister Madbouly shared updates following a recent government meeting, with a focus on strategic developments between Egypt and Saudi Arabia as well as the country’s economic outlook.
The visit of Saudi Crown Prince Mohammed bin Salman was highlighted as a pivotal moment, reflecting the strong ties between the two nations amidst the ongoing challenges in the region.
The Prime Minister emphasized the importance of the Egyptian-Saudi Supreme Coordination Council, whose primary goal is to further deepen the strategic relationship between the two countries.
Among the major projects discussed was the electrical interconnection initiative between Egypt and Saudi Arabia, with the first phase expected to be operational by May and June of the coming year.
Madbouly pointed out that there was a 1,500 megawatt mutual electrical connection at that stage, explaining that this represents an advantage for the two countries, because peak hours differ in both, and thus Egypt can benefit during peak hours by obtaining electricity from Saudi Arabia, and vice versa.
He stressed that stressed that the electrical interconnection project between the two countries, whose capacity reaches 3,000 megawatts, will become larger than the regional capacity of the entire Gulf Cooperation Council countries.
Egypt identified more than 150 groups of goods, of which import volume exceeds $25 billion annually, and therefore the state is targeting that group with very large incentives, to encourage investors to produce them locally, He added.
