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FINANCIAL NEWS
Saudi Arabia to raise electricity tariffs
06 Jun 2010
(MENAFN) Saudi Minister for Electricity and Water Abdullah Bin Abdul-Rahman Al-Husayen said that the Kingdom is planning to implement new power tariffs starting from July 1, Gulf News reported.
Saudi Electricity said it expects around a $853.3 million rise in the power sector?s annual revenues, due to the planned change in power tariffs. The change in power tariffs will be for government, commercial and industrial sector, the company said in a statement.
Saudi Electricity will raise tariffs for government, commercial and industrial users as of July 1, which would add $853.3 million to its annual revenues and boost its profitability.
The move is aimed at coping with power demand growing at an annual 8 percent and requiring investments close to $80 billion in the 10 years to 2018.
More News
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CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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