Regional stock market indices Regional currency rates Saudi Arabia’s $2 billion power charger The board of Saudi Electricity Co.(SEC), the largest company in the Gulf by market value, announced a $2.04 billion grant in new power generation and transmission projects. To date, some $21.3 billion have been allocated to power generation projects across the kingdom. The new project will increase the power generation capacity by 13,000 megawatts. Of the latter, 50 percent will be operational within the next three years in order to meet the increased demand of the expanding population and industrial growth. The company stated that its active subscriber base in 2008 reached 5.41 million and the total capacity generated was 34,958 megawatts, 6.1 percent higher than 2007. This project comes as an addition to the $37.9 billion spent since the company’s establishment in 2000, with $22.45 billion worth of projects currently under development all over the kingdom.
