ROME (ITALPRESS) – Saudi Arabia and the United Arab Emirates have signed a memorandum of understanding in Riyadh to strengthen strategic cooperation in electricity interconnection, energy exchanges and railway connectivity.
The agreement was signed by Saudi Minister of Energy and Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and UAE Minister of Investment Mohamed Al Suwaidi. Its aim is to maximise mutual economic benefits in the sectors concerned.
The memorandum establishes the general principles governing electricity interconnection and the exchange and sale of electricity between the two countries. It also provides for technical, economic and environmental studies, as well as coordination with other member states of the Gulf Cooperation Council (GCC) to expand the regional electricity interconnection system, in accordance with the existing general agreement. The aim is to improve the efficiency of energy systems and strengthen regional ties.
The agreement also sets out the general principles for bilateral railway connectivity for the transport and transit of goods in both directions. The objective is to enhance logistics integration, improve supply chain efficiency and support opportunities for economic development and regional integration, according to the Saudi Press Agency (SPA).
– Photo: Ipa Agency –
(ITALPRESS)
