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FINANCIAL NEWS
SEC signs two contracts with local companies
22 Aug 2013
(MENAFN) The Saudi Electric Company (SEC) inked two deals with a local company for the building and expanding of two conversion plants, Arab News reported.
The two USD123.7 million contracts are said to aim to resolve problems caused by the hugely increasing demand on power in the Kingdom.
SEC Chief Executive Officer, Ali bin Saleh Al-Barrak, said: “The project comes within the framework of the company”s efforts to enhance the electrical system.”
He said that power consumption in Saudi Arabia is three times higher than the world average which is due to cheap oil prices leading to cheap electricity prices. He also said that power consumption will remaioin increasing in the Kingdom.
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24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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