Riyadh:Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz of Saudi Arabia and the UAE Minister of Investment Mohamed Hassan Alsuwaidi signed a memorandum of understanding (MoU) in Riyadh. The agreement focuses on enhancing strategic cooperation in power grid interconnection, electricity exchange and sale, and rail connectivity between Saudi Arabia and the UAE.
According to Saudi Press Agency, the MoU outlines the general principles for power grid interconnection and the exchange and sale of electricity. It includes conducting technical, economic, and environmental studies and coordinating with Gulf Cooperation Council (GCC) member states to expand the GCC Interconnection Grid as per the GCC General Agreement. These initiatives aim to improve the efficiency of energy systems and bolster regional integration.
The agreement also covers the general principles of rail connectivity to facilitate the two-way transport and transit of goods and freight. This aspect of the MoU is designed to enhance logistics integration, improve supply chain efficiency, and support economic development, further contributing to regional integration.