| 07 Aug 2008 |
|
Arabian Bemco signs SR8.28 billion agreement
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JEDDAH: Arabian Bemco Contracting Co. Ltd.Arabian Bemco Contracting Co. Ltd.
, the specialized contractor for building of power stations, industrial facilities and public utilities, has signed a SR8.28 billion agreement with a group of local banks. This is a multi-purpose facility for the construction of the (PP 10) Power Plant in Riyadh. Under this contract, Arabian BemcoArabian Bemco
will construct and install approximately 2000 MW at the new site for Power Plant No. 10 (PP10) on Alkharj Road 100 KM southeast of Riyadh. The power delivery will be in phases starting in month 20, which is a relatively short period whereby BemcoBemco will utilize its distinctive experience in rush projects.The signing ceremony of the facilities agreement took place in Jeddah on Monday. Henry Sarkisian, CEO of Arabian BemcoArabian Bemco, and representatives of the six lead mandated banks -- Mutasim Mufti and Saad Ur-Rehman of Banque Saudi FransiBanque Saudi Fransi, the facility agent, Khalid Fagih of Samba Financial GroupSamba Financial Group, the facility coordinator, and representatives of National Commercial BankNational Commercial Bank, Arab National BankArab National Bank, Riyad BankRiyad Bank and Saudi Hollandi BankSaudi Hollandi Bank signed the deal.
Sarkisian said that the company had expanded its activities to include the rest of the GCC states, not only in the area of construction but also in the areas of business such as investment and development of infrastructure projects.
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