Middle East Economic Survey

VOL. LIV

No 50

12-Dec-2011

SAUDI ARABIA

Qurayyah $2.8Bn Power Project Financing Completed

A consortium led by Saudi engineering contractor ACWA signed an agreement last week with lenders to finalize financing for the nearly 4gw capacity Qurayyah independent power project (IPP). The debt facilities make up 71% or $2bn of the $2.8bn project. Of the debt, 50% was provided in Saudi riyals by local banks, 26% came from the USs Ex-Im, 8.2% from Koreas KEXIM (split into...