DAMMAM: A group of investors in the Eastern Region has announced the launch of a company in electric generation and distribution field with a capital of SR400 million.
Salih Al-Dakhail, vice-chairman of the constituent committee of IFA integrated company, said the company had signed a series of deals with European and US companies engaged in electric power so as to benefit from their experience in localizing power generation industry in the Kingdom.
He said the company will work on projects related to power transmission lines, distribution networks, maintenance works, rehabilitation of existing power generating plants, and import of spare parts from international partners in addition to acquiring shares in electric power projects.
Al-Dakhail said birth of the company came in response to initiatives made by Saudi Electricity Company (SEC) on participation of private sector in power generation and distribution areas.
The company is poised to specialize in integrated energy solutions in a market considered the biggest in the region where Saudi Arabia is experiencing growing rates in energy consumption at 8 percent compared to world average of 2 percent, he added.
© Arab News 2012
