RIYADH, 19 June 2004 — The Saudi Arabian General Investment Authority (SAGIA) has licensed a total of 2,247 projects worth SR57.496 billion ($15.33 billion) in the first three months of this year.
According to SAGIA’s licensing figures, there were 919 industrial projects, 1,323 non-industrial ventures and five agricultural projects. Two of the projects include Envirotreat Chemicals and Systems, an Anglo-American joint venture, and Tata Power Company of India which has entered into a joint venture with the Al-Zamil Group.
Fawaz Malki, general manager of AES Arabia Ltd., said the Kingdom’s water sector had attracted a British investor with Envirotreat Chemicals and Systems turning AES Arabia into a 100 percent foreign investment company.
He said the deal coincided with the construction of a new manufacturing plant with an investment of SR10 million bringing the total investment of the company to around SR20 million.
“The entry of the British partner will enhance the technical and operational capabilities of the company and promote its chances for securing new contracts inside and outside the Kingdom.”
The Tata Power Co. of Bombay announced last week that it had signed a Memorandum of Understanding (MoU) with the National Power Co. of Saudi Arabia for a joint project. The project will be in Jubail to meet the power and steam requirements of Sahara Petrochemical Company. Tata Power has carried out several overseas projects and successfully completed erection, testing and commissioning of major power projects in Saudi Arabia, Bangladesh, Kuwait, Algeria, Myanmar and Thailand.
