JEDDAH, 12 December 2002 — A group of businessmen is planning to establish a new joint-stock company with a capital of SR1 billion to implement government projects, Al-Watan reported yesterday.
The group has called upon major investors, contractors and agents of international firms to participate in the new company, which will carry out projects on a build, operate and transfer (BOT) basis. According to a feasibility study conducted by the group, the Kingdom’s contracting sector is expected to grow by 50 percent annually in light of the continued rise in oil prices during the current five-year plan.
The Kingdom’s electricity requirement is likely to exceed 70,000 megawatt by 2020 as per plans of the Ministry of Industry and Electricity.
“This will demand a capital investment of SR439 billion to implement various power-related projects,” the paper said.
The Ministry of Education is intending to establish 4,000 new school buildings during the plan period, of which 3,000 are to replace rented buildings.
