New era of economic ties between Egypt and Saudi Arabia

A handout photo released by the Egyptian Presidency on March 4, 2018 shows Saudi Arabia's Crown Prince Mohammed bin Salman (C) shaking hands with Egyptian officials upon his arrival in Cairo. (AFP)
Updated 05 March 2018
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New era of economic ties between Egypt and Saudi Arabia

Recent investments and potential investments between Saudi Arabia and Egypt.

Oil
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla said Saudi Aramco agreed to supply Egyptian refineries with 500,000 barrels of crude oil per month for six months starting in January 2018.

Electricity
The electricity interconnection project between Egypt and Saudi Arabia aims to connect the power grids of the two countries to exchange a total capacity of 3,000 MW.
Egypt is contributing $600 million to the $1.6 million project, while other funders include the Kuwait Fund for Arab Economic Development, the Arab Fund for Economic and Social Development and the Islamic Development Bank.

Bridge between Egypt and Saudi
The Saudi-Egypt causeway or bridge will link the countries between Sinai and northern Saudi Arabia. The entire project is expected to cost about $3 billion and to pass through Tiran Island at the entrance of the Gulf of Aqaba.
The construction of the King Salman Bridge has been described as the largest project in the world by Egyptian Transport Minister Hashim Arafat.

Potential investments
The Egyptian-Saudi Investment Fund, with a capital of SR60 billion ($16 billion), aims to construct a power plant in Dairout worth $2.2 billion, a water treatment plant, residential projects in Sinai, 90 kilometers of development of coastal road, Taba’s tunnel project and a canal.


MiSK, Qiddiya team up for internship program 

Updated 25 March 2019
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MiSK, Qiddiya team up for internship program 

  • Interns will work on entertainment mega-project
  • Program open to university seniors and new graduates

RIYADH: A new internship program for young Saudis has been launched in the Kingdom, following a partnership between Misk Foundation and the Qiddiya Investment Company (QIC).

The program runs from June 16 to Aug. 31, 2019, and provides an opportunity for university seniors and recent graduates to be part of Qiddiya, an entertainment mega-project located 40 minutes from Riyadh.

Interns will have the chance to work at Qiddiya’s corporate offices alongside professionals from around the world and will be placed across 12 departments.

They will learn and develop skills that are required to succeed in their professional lives.

They will also gain exposure to QIC’s culture and learn from executives with over 20 years of experience across several sectors. 

QIC CEO Mike Reininger said: “We are contributing directly to the Saudi Vision (2030 reform plan) by creating a richer lifestyle for Saudi citizens while spurring innovation in the creative, hospitality and entertainment sectors. This unique opportunity allows students and fresh graduates to experience what it takes to be part of the change in Saudi by giving them the chance to work alongside a group of both local and international seasoned professionals. Thanks to this partnership with MiSK, we will be training the next generation of industry leaders.” 

Application to the program is open for those with fewer than two years of professional experience. Candidates must show strong academic credentials and submit a short video as part of their application.

King Salman led the Qiddiya ground-breaking ceremony in front of a global audience last April.

The project is aimed at helping to stem the $30 billion a year which Saudis currently spend abroad on tourism, and has the backing of the Kingdom’s Public Investment Fund.

It targets local, regional and international tourists and will be Saudi Arabia’s preeminent entertainment, sports and cultural destination.

It is expected to be the world’s largest entertainment city by 2030, with a total area of 334 square kilometers, surpassing Walt Disney World in Florida, which is only 110 sq. km.