Phase 2 of GCC Interconnection Project launched
$1.4 billion Phase 2 of GCC project launched by HH Sheikh Mohammed
The second phase of the GCC Grid Interconnection Project has been inaugurated at a ceremony attended by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at a cost of more than $1.4 billion.
The project aims to connect the electricity grids in GCC countries to one another, providing a platform for energy trade and exchange while improving the reliability of existing energy systems and lowering electricity reserve requirements on GCC countries.
During the inauguration ceremony, held in Abu Dhabi, His Highness Sheikh Mohammed said that the strategic and economic integration of the GCC region is the key to the wellbeing and promising future of its citizens, also representing the shared vision of GCC leaders.
In his speech, he also said that the joint project sends out a clear message to all GCC nationals, as to the the serious commitment of all GCC countries to joint GCC projects, highlighting the positive outcomes of such projects on everybody in the region.
The GCC Interconnection Grid will lay out the foundation for a common energy market among the GCC countries, enabling those nations with sustainable energy supplies to support the national economies and drive sustainable development in the GCC region.
In his speech at the ceremony, engineer Essa Al-Kawari, Chairman of GCC Interconnection Authority, praised the UAE's role in the project and presented an overview of its different stages, including the extension of above-ground electrical lines and an underwater cable in the Arabian Gulf. In addition, IT network infrastructure in the GCC will be improves with the strengthening and extension of fibre optic lines, providing investment opportunities in the telecommunications sector.