Middle East Economic Survey

VOL. LIII

No 4

25-Jan-2010

SAUDI ARABIA

SEC Suffers $136Mn Net Loss In 4Q09

Saudi Electricity Company (SEC) made a net loss of SR510mn ($136mn) in the last three months of the year, 25.6% higher than the SR406mn ($108.27mn) loss reported for over the same period in 2008. The state-owned company is currently undertaking a two-phase program to build six new independent power plants (IPPs) in the Kingdom by 2021, adding over 9.0gw to its power capacity. The company is...