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FINANCIAL NEWS
KSA earmarks USD35.7b for electricity, water projects
30 Dec 2013
(MENAFN) The Saudi Minister of Water and Electricity said that the Kingdom has plans to invest USD35.7 billion in water and electricity projects next year, Saudi Gazette reported.
The minister said that of the total amount, USD26.7 billion will be allocated for energy projects while the remaining USD9 billion will be for water projects.
The country also has plans to split Saudi Electricity Company (STC) into four companies in order to cope with the new projects and the surge in power demand.
“STC has an autonomous budget and we have already allocated SR100 billion for the projects which we will carry out in 2014,” he said.
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