Egypt's Minister of Electricity and Renewable Energy, Mohamed Shaker, revealed that the country is nearing the signing of contracts to construct an electricity transmission network to connect 2 gigawatts with Saudi Arabia. Egypt is expected to finance approximately 40% of the project, while Saudi Arabia will cover the remaining 60%. The project, valued at $1.6 billion, aims to link the electricity grids of the two countries through electrical cables extending 900 kilometers. According to "Enterprise" bulletin, the project is expected to launch in 2023, after the Neom project in Saudi Arabia delayed its original schedule.
Eight companies have submitted their bids for the project so far, as part of the tender released at the beginning of this month. The Saudi company, Alfanar, submitted the highest bid, amounting to $624.8 million, while the South Korean company, Hyundai E&C, submitted the lowest bid at $446.8 million. Two coalitions submitted their bids in early May to design and build four substations in both countries at a cost of $1 billion. The first coalition is led by China, and the second includes Hitachi, Orascom, and Saudi Electro-Mechanical Services and Works.
