According to Amac News: The announcement was made on Monday, December 2, at the 15th meeting of the Arab Electricity Ministers’ Council, which was held in the new administrative capital of Egypt.
The meeting was attended by ministers of electricity and energy and delegations from 22 Arab countries.
The meeting also saw the signing of two agreements: a general agreement that defines the objectives of the market and its development mechanisms, and a market agreement that covers the institutional and commercial framework of the market and includes the governance of operations and cooperation between member countries.
The agreements were signed by the UAE, Kuwait, Palestine, Syria, Egypt, Saudi Arabia, Qatar, Libya, Sudan, Yemen, Morocco and Jordan.
The aim of this market is to increase the stability of electricity supply, reduce costs, support investments in renewable energy, position Arab countries as major exporters of clean energy globally, improve the efficiency of electricity consumption, and expand development projects.