Siemens wins SR660m Saudi electricity deal

Updated 22 January 2014
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Siemens wins SR660m Saudi electricity deal

Siemens, a global powerhouse in electronics and electrical engineering operating in the energy, infrastructure, industry and health care sectors, has been awarded a turnkey project to build the 380 kV Hail 3 substation by Saudi Electricity Company (SEC).
The contract valued at approximately SR660 million was signed between SEC President and CEO Ali Al-Barrak and Head of Energy Transmission Siemens Saudi Arabia Peter Bruder.
Under this contract, Siemens will supply all key components such as gas insulated switchgear, transformers, reactors, protection and telecommunication systems as well as civil and electromechanical works.
“The contract is a testimony to Siemens commitment and contribution toward the reliable and efficient energy supply for the Kingdom. The Hail region is undergoing a rapid population, agricultural and industrial growth. This substation will ensure a continuous power supply without compromising the reliability, efficiency, and environmental compatibility of the comprehensive energy system,” said Arja Talakar, CEO of Siemens Saudi Arabia.
“Together with our partners E.A. Juffali & Brothers, we have continuously been striving for localization and advancement of the country’s infrastructure and development,” he added.


More Saudi sectors opened to foreign investment

The Cabinet amended the sectors excluded from foreign investment at the meeting chair by King Salman. (SPA)
Updated 24 October 2018
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More Saudi sectors opened to foreign investment

  • The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate

RIYADH: Saudi Arabia will allow foreigners to invest in audiovisual services, land transport and real-estate brokerages, the Cabinet decided on Tuesday.

The Cabinet amended what it described as types of activity that had been previously excluded from foreign investment, after concluding its weekly meeting chaired by King Salman.

The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate.

Meanwhile, about 320 foreign institutions have registered as qualified foreign investors in the Saudi stock market, the exchange’s chairwoman told the Future Investment Initiative in Riyadh.

Sarah Al-Suhaimi, chairwoman of the Saudi Arabian stock exchange (Tadawul), said 200 more are expected to register.

Global index provider MSCI classified the Saudi equity market as an emerging market in June, a move expected to attract billions of dollars of passive funds.

Al-Suhaimi said she expected the number of qualified foreign investors to increase before and after the inclusion in the index, which is expected to happen in phases coinciding with index reviews in May and August 2019.