Al Ojaimi wins latest Saudi Electricity contract

Saudi Electricity last year earmarked $28bn to boost KSA's power supply.

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Damman-based contractor Mohammed Al-Ojaimi has secured a SR223 million contract from Saudi Electricity to link a transformer station in northern Riyadh with the electric grid, it has been reported this morning.

The company, whose main area is in electricity and civil works with companies such as Saudi Aramco, the biggest state-backed oil company, has eight branches around the Kingdom. Its subsidiaries include the manufacture of panel boards as well as ventures in travel agency and fuel services, along with joint ventures with firms in the UAE, Oman and Qatar.

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Saudi Electricity is the state-owned power developer looking to transform the capacity of the country’s output to meet domestic demand. In March it brought online an 900MW Shuaibah IWPP steam power plant with an integrated seawater desalination facility in Shuaibah, about 110 km south of Jeddah. Siemens Energy built the power plant as a turnkey project together with its consortium partner Doosan Heavy Industries & Construction for the Shuaibah Water & Electricity Company (SWEC).

At the beginning of June it announced it had signed a contract with GDF Suez and two other firms to build a 1,730 megawatt power plant. A SR7.9 billion project, the company said it is to buy electricity from the source for the plant for the next 20 years.

Saudi Electricity's stock has leapt by almost a third in the last three months since the announcements of some deals, from SR10.65 at the beginning of June to SR14.15 yesterday. The Tadawul in Riyadh was the only Gulf-based bourse trading.