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FINANCIAL NEWS
Siemens seeks more contracts in Saudi
05 Mar 2011
(MENAFN) Chief executive officer of Siemens Energy in the Middle East said that the company is seeking more power projects in Saudi Arabia as the counrty needs to expand more in the sector due to the constant increase in population, reported Arabian Business.
The CEO said that demand in the Kingdom would increase to around 120 gigawatts, up from 40, over the course of the coming fifteen to twenty years.
This announcement came after the French company won a billion dollar contract in the country.
It is worth noting that Siemens reported a 31 percent hike in the number of contracts it signed in the first quarter with developing countries, including Saudi Arabia, the world�s number one oil exporter.
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