Saudi Electricity will rely partially on its income from electricity bills to cover its finance needs in coming years, Chairman Saleh Bin Hussein Al-Awaji told CNBC Arabiya.
The company needs SAR 50 billion annually to finance its pipeline of projects, and looks for finance sources including commercial bank loans and government’s interest-free credit, said Al-Awaji.
The top official said his company gives priority to qualified local banks and foreign investors to meet its finance objectives.
Al-Awaji said the GCC power grid is now completed after the accession of Oman. The agreements of the wide-range Arab power grid that spans Arab countries including Egypt, were signed, and expected a material progress by late this year or early 2015.
Saudi Electricity took a SAR 49.4 billion interest-free loan from Finance Ministry recently, and signed yesterday contracting agreements worth SAR 7.2 billion.
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