ABB wins $150m orders to strengthen Saudi power grid

Updated 12 August 2015
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ABB wins $150m orders to strengthen Saudi power grid

JEDDAH: ABB, the leading power and automation technology group, has won orders worth around $150 million from the Saudi Electricity Company (SEC) to expand five existing substations, helping to ready the country’s transmission system for a 50 percent expansion of power generation capacity to accommodate a growing economy.
SEC, Saudi Arabia’s national power transmission and distribution operator, is increasing the capacity of the substations, with three located in the central region and one each in the eastern and western regions.
The orders were booked in the second quarter of 2015.
Economic growth in Saudi Arabia and the Gulf Cooperation Council (GCC) countries, primarily driven by oil and gas, necessitates a strong power infrastructure to secure a reliable electricity supply to growing industrial and commercial sectors in the region, as well as to households.
To meet this rising demand, Saudi Arabia is boosting its power generation capacity from less than 60 gigawatts (GW) to about 91 GW by 2020, and to more than double existing capacity over the longer term.
ABB is supporting these efforts through several projects across the country, including an additional $60 million order booked in the second quarter from SEC for 65 power transformers.
“We are privileged to continue supporting the development of Saudi Arabia’s power infrastructure,” said Claudio Facchin, president of ABB’s Power Systems division.
“These substations will strengthen the grid and enhance transmission capacity, enabling electricity to reach more consumers and support this growing market, in line with our Next Level strategy.”
The extension orders include design, supply, installation and commissioning of new switchgear bays at five existing transmission substations as well as modification of associated automation, control, protection and auxiliary power supply systems and connected transmission substations.
ABB’s gas-insulated switchgear has been in successful operation for more than three decades in one of these substations.
The ability to extend equipment working since the 1980s using state-of-the-art technology demonstrates the flexibility of this equipment to be adapted to changing demands.
ABB is the world’s leading supplier of turnkey air-insulated, gas-insulated and hybrid substations with voltage levels up to 1,100 kilovolts.
These substations facilitate the efficient and reliable transmission and distribution of electricity with minimum environmental impact, serving utility, industry and commercial customers as well as sectors like railways, urban transport and renewables.


Saudi banks, Dubai shares give Gulf markets a timely boost

Updated 24 January 2019
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Saudi banks, Dubai shares give Gulf markets a timely boost

  • The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent
  • Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit

DUBAI: The Dubai stock market snapped a three-day losing streak on Wednesday, boosted by its financial and property shares, while Saudi Arabia rose on the back of its banks.
The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent. Gulf Arab economies are expected to grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies. Amlak Finance rose 2.2 percent after announcing a renegotiation of restructuring terms with its financiers to allow more flexibility in adapting to “current market conditions.” Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit.
The port operator will spend at least $250 million buying back some shares in its Australian port terminals unit. Saudi Arabia’s index rose 0.8 percent, with nine out of 10 banks rising.
Al Rajhi Bank was up 0.6 percent and Samba Financial Group closed 1.7 percent higher. Petrochemical investor Alujain added 1.5 percent after an update on the fire at its affiliate’s plant.
The company said it now expects the NATPET plant to start operating all units by the end of September.
The Egyptian blue-chip index was up 0.2 percent with its largest listed bank Commercial International Bank gaining 4.2 percent.
The Egyptian Exchange on Wednesday canceled all transactions made the previous day in local firms Sixth of October Development and Investment Company (SODIC) and Madinet Nasr for Housing and Development (MNHD).
The move followed SODIC’s decision against a takeover of MNHD and involved their shares being suspended on Wednesday as the bourse reset prices. Global Telecom Holding jumped by 10 percent before trading on its shares were suspended, pending a statement from the company after VEON Ltd, a major shareholder in the firm, said it was considering taking it private.