Arab Finance: Egypt is cooperating with the Emirati government on integrating four gigawatts of renewable energy into its power grid by next summer, alongside efforts to localize related industries, according to a statement.

This ambitious plan was announced by Prime Minister Mostafa Madbouly during a meeting with Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, and other key officials from both nations.

The meeting focused on enhancing cooperation between Egypt and the UAE in the renewable energy sector and the localization of associated industries. 

Madbouly emphasized the strategic importance of expanding Egypt’s renewable energy capacity and localizing industries such as solar panel manufacturing and wind energy technology.

He highlighted the urgent need to meet Egypt’s increasing energy demand, which has surpassed 37.3 gigawatts per day.

The Egyptian premier stressed the reliance on the private sector for the implementation of these projects, emphasizing the strong political ties and continuous collaboration between Egypt and the UAE.

Al Jaber reiterated the UAE’s commitment to supporting Egypt’s energy sector, guided by directives from His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE.

He emphasized the importance of a clear roadmap for Egypt’s energy sector and outlined mechanisms for short-, medium-, and long-term cooperation.

On a related note, the Egyptian Ministry of Finance will provide the necessary funding to purchase petroleum products required to halt the load reduction plan, Spokesman of the Cabinet Mohamed El-Homosany told Asharq Business.

This funding will be provided by the end of next week, El-Homosany noted.