SEC implementing SR100bn projects

Updated 12 August 2013
0

SEC implementing SR100bn projects

Saudi Electricity Company (SEC) is currently implementing huge electric projects at a total cost of more than SR100 billion, said its CEO Ali Al-Barrak.
“They will be implemented in many phases, and they will be completed within 3 years,” he said.
“We want to address and meet the increasing demand on power, in view of the increasing population and the ongoing urban expansion,” he told Arab News. 
Asked about the frequent power failure instances in many parts of the Kingdom, and if there is a radical solution to the problem, Al-Barrak said: “SEC saves no effort in order to solve this problem. It is a top priority for us. The subscriber has every right to receive stable power supply.”
He, however, said: “This is not a new problem and it happens in every part of the world. “
He also said: “It is subject to supply and demand. And it depends totally on prudent use of electricity without wastage. Power should be used when needed.”
The CEO said: “I would like to say that icases of power failure are infrequent n Saudi Arabia compared to other countries. When it does happen, it takes only a few hours and the situation would be corrected promptly.”
Al-Barrak urged consumers to use power prudently and economically. “This way we will minimize instances of power failure in the future.”
SEC Chairman Hassan Al-Awaji, meanwhile, signed a contract with Hyundai Heavy Industries (HHI) to build a power generation plant in Jazan.
The plant will add 2,640 MW of power to the current capacity. The total cost of the plant will be more than SR12.2 billion.
“The project involves the design and supply of 4 steam generators that use high efficiency boilers, in order to minimize the use of energy. The plant will be completed in 60 months from the date of signing the contract,” he said. “The contract also stipulates that HHI will build all the ancillary and support systems, in addition to a 380 KV relay station to connect the plant with the grid,” he added.
“The project aims at raising the power generation capability and keep abreast with the economic boom in the Kingdom. It will be financed from SEC’s revenues and its cash flows, in addition to commercial and government loans,” he said.
The generation capacity of SEC and other power generators at the first half of this year stood at 55,850 MW, up from 24,083 MW in 2000, an increase of 132 percent.


Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

Updated 21 April 2019
0

Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

  • Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB)
  • Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB

DUBAI: Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
The Abu Dhabi Investment Council, a sovereign wealth fund which combined with Abu Dhabi state fund Mubadala last year, also appointed Amr Saad Al Menhali as chief executive of Al Hilal Bank.