Saudi Arabia and Egypt are set to strengthen their energy collaboration to boost energy security.

A recent high-level meeting in Riyadh between energy ministers from both countries outlined a roadmap for expanding cooperation in oil, gas, electricity, renewable energy, and hydrogen.

The partnership comes as Egypt is undertaking a major economic overhaul, substantially reducing its foreign debt. The country has slashed its external debt by $14 billion in just five months, ending May with $154 billion. According to a government statement, this represents the sharpest decline in the country’s history.

The meeting follows Egypt’s $4 billion deal with Saudi’s ACWA Power for a green hydrogen project. Additionally, the two countries are progressing on the largest electrical interconnection in the region, aiming to enhance energy stability and reliability.

Key areas of cooperation include diversifying energy sources, addressing sector challenges, and optimizing petroleum resources while minimizing environmental impact. Both nations have pledged to invest in human capital and explore carbon reduction strategies.

To expedite progress, joint working groups will be established to develop concrete action plans. The partnership aims to enhance energy security, economic growth, and regional cooperation.