RIYADH, 7 March 2005 — Water & Electricity Company (WEC) opened the bid here yesterday to build, own and operate (BOO) the Shoaiba IWPP in the presence of Fehied F. Alshareef, governor of SWCC and chairman of the board of directors of WEC. Others present included senior members of SWCC, SEC, PIF, MOPMR and WEC’s advisers — HSBC Bank PLC, Fichtner GmbH & Co. KG Clifford Chance LLP and the Law Firm of Yousef & Mohammed Al-Jadaan.