Kingdom signs MoU to set up Arab Common Market for Electricity

MINISTER of Energy, Industry and Mineral Resources Khalid Al-Falih signed on Thursday in Cairo a memorandum of understanding (MoU) for setting up an Arab Common Market for Electricity.

This took place on the sidelines of the 12th session for the Arab Ministerial Council for Electricity at the Arab League headquarters in Cairo, Saudi Press Agency (SPA) reported Thursday.

Minister of Energy, Industry and Mineral Resources Engineer Khalid Al-Falih signing on Thursday an MoU for setting up an Arab Common Market for Electricity. – SPA

The MoU was signed by 14 Arab countries including the Kingdom, the UAE, Bahrain, Algeria, Sudan, Iraq, Oman, Qatar, Comoro Islands, Kuwait, Egypt, Libya, Morocco and Yemen on the sidelines of the 12th session for the Arab Ministerial Council for Electricity at the Arab League headquarters in Cairo, Saudi Press Agency (SPA) reported.

Falih stressed on the importance of enhancing Arab joint action through the council, expressing pride regarding achievements made by the council, including the Arab electricity linkage and establishment of the Arab Common Market for Electricity.

Al-Falih added that the Kingdom Vision 2030 would be an approach for the Kingdom’s developmental and economic work, pointing out that the Kingdom seeks to diversify its sources of energy being used in the production of electricity.

He added that the Kingdom is an important center for industries and services relating to the electricity sector.

Assistant Secretary General and Chairman of the Economic Affairs Sector at the Arab League Dr. Kamal Hassan Ali said, “The MoU signed by the ministers in charge of electricity in the Arab countries or those representing them is a high-level document confirms their political commitment to support the electricity link-up for the networks of the Arab countries.”

He said, today’s signing is crowning of several years of hard work by experts and technology specialists. A team from the Arab Fund for Economic and Social Development and another from the World Bank participated in the preparatory stages.

Dr. Ali said that the MoU comes into effect immediately when signed by seven Arab countries.

Meanwhile at the conclusion of its deliberations, the Arab Ministerial Council for Electricity called on the Arab League to boost cooperation so as to form a link-up between energy, water and food at the national and then regional level so as to raise the level of awareness on link-up among decision-makers and those who will benefit from this amenity.

The Council stressed the importance of cooperation between Arab countries and experts carrying out a study to set up a link-up among the sectoral strategies for water, energy and food and benefit from the outcome of the study.

The Council stressed the importance of the Arab strategy for sustainable energy. The Council welcomed cooperation with the International Agency for Renewable Energy. – SPA

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