The Saudi Electricity Company

The Saudi Electricity Company, the Gulf's largest utility firm by market value, said it would spend 27.6 billion riyals ($7.4 billion) on projects in 2008. This would expand the country’s generating capacity by 2,669 megawatts.

The company is investing heavily to face the rising power demand, but has been affected by the global rise in contracting costs in maintenance and operations work. The company has previously said that it plans to invest 190 billion riyals ($50.73 billion) to increase the generating capacity by 60% by 2015 to meet surging demand. ($1 = 3.7450 Saudi riyals)

al-Khaleej, UAE, December 13, 2007