VOL. XLVI

No 5

3-February-2003

SAUDI ARABIA

Private Power/Water/Sewerage Company Established

Saudi Trade Minister Usama Faqih on 27 January announced the establishment of the National Energy Company (NEC), a private shareholding firm capitalized at SR200mn ($53mn), consisting of 4mn shares valued at SR50 each. No trading in shares will be allowed for the first two full financial years. The aims of the Riyadh-based firm will be to invest in generation, transport, distribution and implementation...