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FINANCIAL NEWS
Al Arrab, SEPCOIII win $2.4b contract in Riyadh
07 Sep 2010
(MENAFN) A consortium of Riyadh-based Al Arrab Contracting Company and Chinese firm SEPCOIII received the letter of award to construct a 2,400 MW power plant in Ras Az Zawr, on Saudi’s Arabian Gulf coast, from the Saline Water Conversion Corporation (SWCC).
The value of the letter was $2.419 billion, according to an Al Arrab executive. It will burn natural gas and is expected to be completed in 42 months.
Al Arrab � which has a suite of subsidiary companies across the sector including an electro-mechanical arm in Dubai – has a long-established tendency to work with other contractors when needed.
SEPCOIII Electric Power Construction Corporation is a Qingdao-based firm that mainly spans projects in nuclear, thermal, gas-fired power, hydropower, wind power project and biological power projects. International clients have included those in India, Indonesia, Nigeria and Singapore.
Through its subsidiaries Al Arrab has developed to compete for projects in a number of different sectors.
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