FINANCIAL NEWS

Saudi Ministry of water closes USD1.07b deal

20 Oct 2015

(MENAFN) Saudi Electricity Company (SEC) has signed a USD1.07 billion contract to deliver electrical services for housing projects, as recent reports showed.

The contract has been signed with the Ministry of Water and Electricity, and it consists of 29 projects being applied by the Ministry of Housing.

Such a huge agreement will most definitely bring positive returns in the long term, and as SEC has stated; the financial impact will be felt in the fourth quarter.

Additionally, the massive project will deliver electricity for three years to the housing projects, which have an overall cost of USD3.73 billion.

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