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ABU DHABI (ALETIHAD)
The UAE and Saudi Arabia have signed a memorandum of understanding to advance railway connectivity and strengthen infrastructure and energy integration between the two countries, according to a statement issued on Thursday.
The agreement was signed in Riyadh by Mohamed Hassan Alsuwaidi, UAE Minister of Investment, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Saudi Minister of Energy and Minister of Industry and Mineral Resources.
The agreement is intended to facilitate the movement of goods and freight between the two countries and support infrastructure and energy-sector integration in line with their shared economic interests.
It establishes the general principles governing railway connectivity and provides for the conduct of relevant technical and economic studies.
The cooperation is expected to strengthen logistics integration, improve supply-chain efficiency, facilitate cross-border trade and transport and support economic development and regional integration, the statement said.
The agreement also covers cooperation on electricity interconnection, including the exchange and sale of electricity between the two countries.
Technical, economic and environmental feasibility studies will be conducted to assess electricity-interconnection opportunities.
The two countries will also coordinate with other Gulf Cooperation Council member states on the expansion of the GCC electricity-interconnection network, with the aim of improving energy-system efficiency and strengthening regional connectivity.
