27 Apr 2010
(MENAFN) The Chief Executive Officer at Saudi Electricity Co. (SEC) said that the company will receive a $4 billion loan from its main shareholder, the Saudi government, over the next two years, SPA reported.
According to the CEO, the bulk of the loan will finance the construction of a new power plant in Rabigh, where the giant King Abdullah Economic City is under construction.
He said that the utility is planning to sell Islamic bonds, or Sukuk, next month to raise $1.87 billion to finance its expansion plans, adding that the government?s soft loan to the Arab world?s biggest utility matures over 25 years.
Saudi Arabia expects SEC to invest $80 billion over the next 10 years to add 20,000 megawatts of power generation capacity, as the cash-strapped firm has been struggling to meet pent up power demand – which grew by about 8 percent in 2009.
27 Jan 2025
BBK offers customers with exclusive Tas’heel and Mazaya Finance to own their dream home
15 Jan 2025
BBK Signs Strategic Partnership with Bahrain Airport Company to Develop “Express Cargo Village”
08 Jan 2025
Bank of Bahrain and Kuwait and Global Payment Services Deliver the First Advanced Fraud Prevention Solution for Wallet Provisioning in the Kingdom of Bahrain
26 Dec 2024
BBK proudly supports “Celebrate Bahrain” as a gold sponsor in cooperation with BTEA
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more