KHOBAR: Saudi Arabia will consider selling a large stake in Saudi Electricity to SoftBank Vision Fund, but the Saudi government would retain a controlling shareholding, the utility said on Tuesday.
Saudi Arabia’s Public Investment Fund, which holds a 74 percent stake in Saudi Electricity, signed a memorandum of understanding with SoftBank Vision Fund, the world’s largest private equity fund, for SEC to develop 3 gigawatts of solar energy in 2018, SEC said.
No financial details of the agreement were made public.
The statement said “the parties” would also evaluate the possibility of SoftBank Vision Fund, which is backed by Japan’s SoftBank Group and Saudi Arabia’s main sovereign wealth fund, acquiring a big stake in Saudi Electricity.
The Saudi government would retain a controlling stake, it said.
SEC’s assets are estimated to be $100 billion. The Saudi government has been considering privatizing the company for years. It is not clear how the possible transaction will affect those plans.
Oil giant Saudi Aramco currently owns nearly 7 percent of Saudi Electricity, while the rest is held by the public.
The Public Investment Fund and SoftBank Vision Fund will also build manufacturing and storage solar facilities and create jobs in the Kingdom.
Due diligence will be completed by the end of February next year, the company said.
SoftBank Vision Fund has raised more than $93 billion to invest in technology sectors such as artificial intelligence and robotics.
— Reuters
Saudi Arabia considers selling stake in utility Saudi Electricity to SoftBank Vision Fund
Saudi Arabia considers selling stake in utility Saudi Electricity to SoftBank Vision Fund
Hajj Ministry suspends Umrah firm, overseas agent for violations
- Company fails to provide housing for Umrah pilgrims
- Actions to ‘safeguard’ rights of visitors, says ministry
RIYADH: Saudi Arabia’s Ministry of Hajj and Umrah on Sunday announced the suspension of an Umrah company and its overseas agent for failing to provide contracted accommodation for pilgrims.
In a statement carried by the Saudi Press Agency, the ministry said the company violated regulations governing services for Umrah pilgrims and visitors to the two holy mosques.
It noted that several pilgrims arrived in the Kingdom without mandated accommodation. This prompted immediate action against the company and its overseas agent, the ministry stated.
“The measures are intended to safeguard the rights of affected pilgrims, prevent a recurrence of such violations, and ensure the continued enhancement of service quality,” it added.
Last June, the ministry suspended seven Umrah companies due to deficiencies in providing transport services for pilgrims.
In an earlier report quoting the Hajj Ministry and the General Authority for the Care of the Affairs of the Two Holy Mosques, the SPA said more than 1.7 million Muslims from all over the world arrived in the Kingdom to perform Umrah during the month of Jumada Al-Akhirah, corresponding to Nov. 22 to Dec. 20.
