JEDDAH, 27 March 2007 — Arabian Bemco Contracting Co. Ltd., a specialized contractor for the construction of turnkey power plants, industrial facilities and public utilities, signed a financing agreement for SR2.33 billion ($622 million) with a group of local banks here yesterday.
The signing of this financing agreement came as a result of the award by Saudi Electricity Company (SEC) of two contracts for the extension of No. 3 of the PP9 Block “F” and the turbine inlet air-cooling for Block “F”. Under this contract, Arabian Bemco will add 666 MW to the existing plant, which was built by Arabian Bemco and currently producing 2800 MW. This expansion will be handed over by the end of 2008, which is a relatively short period if compared to the size and magnitude of the project, where Arabian Bemco will utilize its distinctive experience in executing rush projects.
The agreement was signed yesterday at Qasr Al-Sharq by Henry M. Sarkissian, chief executive officer of Arabian Bemco, Mazen H. Al-Tamimi, the regional manager for the Western Region of Banque Saudi Fransi (BSF), which leads the group of banks for this financing agreement, Yahya Al-Serraj, chief corporate banker at the National Commercial Bank (NCB) and Ala’a S. Al-Jabri, area general manager of the Western Province of SABB.
The signing ceremony was also attended by the Arabian Bemco board of directors represented by Yahya Binladen, Saleh Binladen and Souren Sarkissian.
Henry Sarkissian expressed his thanks and appreciation to the banks that participated in the projects of Arabian Bemco.
This reflects the confidence of the banking community in Arabian Bemco following its track of success and achievements in the various projects that Arabian Bemco has executed. “It also confirms the comfort that banks have with the financial strength of Arabian Bemco, thus enabling it to meet its obligations as a specialized company in the industrial and power plant sectors,” Henry Sarkissian said.
He added that the company intends to expand its activities soon to include the rest of the GCC (Gulf Cooperation Council) countries and North Africa, not only in the area of EPC (engineering, procurement, construction) but also in the area of investment and development of infrastructure projects.