Saudi Arabia and Greece set up grid link
10 October 2023
Greece and Saudi Arabia have agreed to set up a jointly-owned company that will look at linking their electricity grids.
Greece's Independent Power Transmission Operator (IPTO) and Saudi Arabia's National Grid will set up a company, provisionally called Saudi Green Interconnection, Reuters reported in late September citing the Greek energy ministry.
The new company is tasked "with examining the commercial viability of the power interconnection".
Related read: Region plans vital big grid connections
The deal follows initial discussions conducted last year between Saudi Energy Minister Prince Abdulaziz Bin Salman and his Greek counterpart, Kostas Skrekas, in Riyadh.
At the time, the discussions involved cooperation in renewable energy and the promotion of an electricity interconnection that will export clean energy to Greece and Europe.
They also discussed the potential of transporting clean hydrogen to Europe through Greece.
Greece is also working on a potential project to connect its electricity grid with Egypt's.
In February this year, US engineering firm McDermott signed a memorandum of understanding (MoU) with Athens-based Eunice Energy Group for the 2GW electricity interconnection project between Egypt and Greece.
Eunice Energy leads the consortium known as Greece-Africa Power (GAP), which is developing the project.
McDermott is expected to provide "engineering and construction guidance for the project".
In October 2021, Egypt signed separate power interconnection agreements with Greece and Cyprus.
The agreements were expected to pave the way for implementing the so-called Eastern Mediterranean energy corridor.
The planned interconnector aims to enable the exchange of between 2,000MW and 3,000MW of electricity between Egypt, Cyprus and Greece and potentially with other European countries, as MEED reported.
The agreement with Greece entails setting up an undersea cable network that will transmit renewable energy produced from North Africa to Europe.
Skrekas and his Egyptian counterpart, Mohamed Shaker, signed an MoU for the project at a ceremony in Athens on 14 October 2021.
The deal follows the signing of a similar agreement between Greece, Cyprus and Israel to build the Euro-Asia Interconnector, understood to be the world's longest and deepest underwater power cable crossing the Mediterranean, estimated to cost $900m.
An electricity grid linking Egypt and the GCC states is also under way. Egypt and Saudi Arabia awarded substation, subsea and overhead transmission contracts for the $1.8bn interconnector linking the GCC states and North Africa in October 2021.
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Safety and security matters
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EditorRead the April issue of MEED Business Review
Employment and investment opportunities in a low or no-tax environment have been key attractions for people and businesses located in the GCC for decades. Another crucial factor has been safety and security.
That reputation has been tested by the missile and drone attacks that began on 28 February. Whether the GCC’s safe haven status has been damaged depends on perspective.
For some, the fact that attacks occurred fundamentally changes how the region is viewed. For others, the ability to absorb a serious shock, respond quickly, and keep daily life and businesses functioning demonstrates resilience.Any assessment of safety is also relative. Many people and businesses that relocate in the GCC do so not only for opportunity, but because of dissatisfaction elsewhere. Common reasons include limited economic prospects, high taxation, distrust in political leadership and concerns about personal safety. Even with the recent conflict, the GCC may still compare favourably for those considering these factors.
There is no doubt that missile and drone attacks are extremely dangerous, and the fear of further incidents can linger. Even if attacks are infrequent, the uncertainty matters. It can influence personal decisions, travel advice, and the cost of insurance and risk management. These perceptions will shape the region’s attractiveness.
Safety concerns vary. In many parts of the world, higher levels of crime are an everyday worry for residents and businesses. For some, the GCC may still feel like the better option, provided the current tensions do not become the new normal.
How this question is answered will play an important role in how the region’s economies perform in the period ahead. If confidence returns quickly and the risk is seen as contained and manageable, investment and hiring will likely rebound faster than many expect. If uncertainty persists or escalates, the road to recovery will be a long one.
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Dubai seeks consultants for Al-Khawaneej stormwater project
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Dubai Municipality has issued a consultancy tender to assess and upgrade the stormwater drainage system serving the Al-Khawaneej First residential district in northeastern Dubai.
The project, listed as TF-22-E1, covers the upgrading and rehabilitation of the stormwater system in the area. The tender has been issued by the municipality’s Sewerage and Recycled Water Projects Department.
The bid submission deadline is 23 April.
The works form part of Dubai’s wider efforts to strengthen flood resilience and support sustainable urban infrastructure development.
Two separate consultancy tenders were issued in March as part of a broader review of the emirate’s water and wastewater infrastructure to support future population growth.
One involves a study to develop a sustainable urban drainage systems strategy across the emirate. The other covers a review of the emirate’s sewage treatment and recycled water distribution strategy.
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Developer plans two residential schemes in Saudi Arabia
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Oman’s Nama PWP tenders consultancy contract
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The deadline for firms to submit offers is 10 May.
According to the tender notice, the selected consultant will develop the required ESG policies, strategy, report and implementation roadmap.
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The pipeline includes a series of large-scale independent power projects scheduled for delivery between 2027 and 2031.
Solar photovoltaic capacity in the sultanate is projected to rise from 1.54GW in 2024 to 23.26GW by 2031. Wind capacity is expected to grow from 120MW to 6.75GW,
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