RIYADH, 3 July 2003 — Saudi Electricity Company (SEC) yesterday awarded four new power projects worth SR1.750 billion ($466 million) to national firms, Water and Electricity Minister Ghazi Al-Gosaibi announced. The projects are to boost power generation capacity in Riyadh, Jeddah, Tabuk and the Eastern Province. SEC Chief Executive Officer Sulaiman Al-Qadi said that in the last three years SEC had invested $10.1 billion on power projects. SEC, the third largest listed firm in the Kingdom, was formed in early 2000 after the merger of 10 smaller electricity companies. It was listed on the Saudi bourse in mid-2002. According to official estimates, the power sector requires investments of more than $90 billion until the year 2023. The electricity sector has been undergoing major restructuring following the complete lifting in April 2000 of government subsidies for electricity.
