Company Insights Saudi Electricity Company Energy Saudi Electricity Company Overview Saudi Electricity Company is the electric energy company of Saudi Arabia. It owns around 45 power generation plans in the kingdom and has a near-monopoly on the generation and transmission of electricity. Saudi Electricity is the result of a merger in 2000 of regional electricity companies by order of the Saudi government, which owns more than 80 percent of Saudi Electricity. Saudi Electricity partnered King Abdulaziz City for Science and Technology and Taqnia Energy in 2015 to build Saudi Arabia’s first standalone solar power station. Saudi Electricity is now the largest electric power company in the Middle East and North Africa region, with a capital of $11.1 billion. Its shares are traded on the Tadāwul. Just over 74 percent of the shares are owned by the Public Investment Fund, and just under seven percent by Saudi Aramco. Subsidiaries include National Grid SA, Hajr Electricity Production Company, Dawiyat Telecom and Saudi Electricity Global Sukuk Company. Saudi Electricity Company News Utilities Foreign companies cash in as Gulf turns to smart power grids Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids “smart” using artificial intelligence – and increase their share of generation from solar and wind power. That share is expected to almost double in the Middle East and North Africa over the next five years. It will rise […] April 22, 2025 Analysis Transport Tesla trumpets Saudi launch but China is waiting Tesla’s well-publicised launch event in the Saudi capital, Riyadh, last week attracted a large and boisterous crowd. But the competition is stiff, especially from the Chinese, now the world’s largest maker of EVs, and the charging infrastructure for electric-powered vehicles in the world’s second-largest oil producer is still lacking. Saudi Arabia wants 30 percent of […] April 14, 2025 Energy Orascom wins $2.6bn contract for Saudi power plant A consortium comprising Egypt-listed Orascom Construction and Spain’s Técnicas Reunidas has signed a contract to build a 3 gigawatt gas-fired power plant in Saudi Arabia’s Eastern Province. The consortium signed an engineering, procurement and construction contract worth around $2.6 billion for expanding the Qurayyah independent power project, Orascom said in a statement on Monday. In […] March 24, 2025 Construction Saudi Arabia awards almost $2bn of contracts in January Saudi government entities awarded more than SAR6.5 billion ($1.7 billion) of contracts in January, led by housing, infrastructure and industry. More than half the value of the contracts issued last month – SAR3.7 billion – was allocated towards construction, with the remainder going on water, energy and industry projects, the Saudi Contractors’ Authority (SCA) said […] February 14, 2025 Real Estate Saudi real estate licences increased by half in 2024 The number of licensed real estate developers in Saudi Arabia increased by 50 percent in 2024 alone. Assistant deputy minister of investment, Fahad Al-Hashem, who was speaking at the panel discussion at the PIF Private Sector Forum in Riyadh on Thursday, said licensees jumped from 446 to 690. Similarly, the number of construction licences increased […] February 13, 2025 Giga-projects Italian insurer guarantees $3bn Saudi giga-project loan Sace, an Italian state-owned insurance company, has guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in Neom, Saudi Arabia’s $500 billion giga-project. The announcement coincided with an official visit by Italian prime minister Giorgia Meloni to Saudi Arabia, where she and Crown Prince Mohammed bin Salman signed an […] January 27, 2025 Energy Saudi Electricity Q3 profit rises as revenue jumps 18% Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported an 18 percent year-on-year growth in net profit to SAR6.9 billion ($1.84 billion). Revenue jumped 18 percent to SAR28.3 billion from SAR23.8 billion a year ago driven by an increase in electricity production revenue. There was also continued growth in the subscriber base and […] November 6, 2024 Finance Saudi Electricity raises $4bn from 15 banks Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, has obtained SAR15 billion ($4 billion) in funding from 15 regional and global banks. The three-year credit facility will be used for general corporate purposes. The facility is not backed by any guarantees, the company said in a statement to the Saudi stock exchange […] August 26, 2024 Energy Saudi Electricity profit falls 32% on higher funding costs Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, said its net profit fell 32 percent year on year in 2023. The company said this was a result of rising financing costs and additional capital expenditure. The utility provider reported a profit of SAR10 billion ($2.7 billion) in the previous 12 months, compared […] March 7, 2024 Renewable Energy PIF-backed Eviq plans to deploy 5,000 EV chargers Saudi Arabia has opened its first research and development facility to establish the country’s electric vehicle (EV) fast-charging infrastructure. Electric Vehicle Infrastructure Company (Eviq) – the newly launched joint venture between the Public Investment Fund (PIF) and Saudi Electricity Company – opened the facility in Riyadh. The company is on track to deploy 5,000 chargers […] December 18, 2023 Posts navigation 1 2 3 Next
Utilities Foreign companies cash in as Gulf turns to smart power grids Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids “smart” using artificial intelligence – and increase their share of generation from solar and wind power. That share is expected to almost double in the Middle East and North Africa over the next five years. It will rise […] April 22, 2025
Analysis Transport Tesla trumpets Saudi launch but China is waiting Tesla’s well-publicised launch event in the Saudi capital, Riyadh, last week attracted a large and boisterous crowd. But the competition is stiff, especially from the Chinese, now the world’s largest maker of EVs, and the charging infrastructure for electric-powered vehicles in the world’s second-largest oil producer is still lacking. Saudi Arabia wants 30 percent of […] April 14, 2025
Energy Orascom wins $2.6bn contract for Saudi power plant A consortium comprising Egypt-listed Orascom Construction and Spain’s Técnicas Reunidas has signed a contract to build a 3 gigawatt gas-fired power plant in Saudi Arabia’s Eastern Province. The consortium signed an engineering, procurement and construction contract worth around $2.6 billion for expanding the Qurayyah independent power project, Orascom said in a statement on Monday. In […] March 24, 2025
Construction Saudi Arabia awards almost $2bn of contracts in January Saudi government entities awarded more than SAR6.5 billion ($1.7 billion) of contracts in January, led by housing, infrastructure and industry. More than half the value of the contracts issued last month – SAR3.7 billion – was allocated towards construction, with the remainder going on water, energy and industry projects, the Saudi Contractors’ Authority (SCA) said […] February 14, 2025
Real Estate Saudi real estate licences increased by half in 2024 The number of licensed real estate developers in Saudi Arabia increased by 50 percent in 2024 alone. Assistant deputy minister of investment, Fahad Al-Hashem, who was speaking at the panel discussion at the PIF Private Sector Forum in Riyadh on Thursday, said licensees jumped from 446 to 690. Similarly, the number of construction licences increased […] February 13, 2025
Giga-projects Italian insurer guarantees $3bn Saudi giga-project loan Sace, an Italian state-owned insurance company, has guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in Neom, Saudi Arabia’s $500 billion giga-project. The announcement coincided with an official visit by Italian prime minister Giorgia Meloni to Saudi Arabia, where she and Crown Prince Mohammed bin Salman signed an […] January 27, 2025
Energy Saudi Electricity Q3 profit rises as revenue jumps 18% Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported an 18 percent year-on-year growth in net profit to SAR6.9 billion ($1.84 billion). Revenue jumped 18 percent to SAR28.3 billion from SAR23.8 billion a year ago driven by an increase in electricity production revenue. There was also continued growth in the subscriber base and […] November 6, 2024
Finance Saudi Electricity raises $4bn from 15 banks Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, has obtained SAR15 billion ($4 billion) in funding from 15 regional and global banks. The three-year credit facility will be used for general corporate purposes. The facility is not backed by any guarantees, the company said in a statement to the Saudi stock exchange […] August 26, 2024
Energy Saudi Electricity profit falls 32% on higher funding costs Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, said its net profit fell 32 percent year on year in 2023. The company said this was a result of rising financing costs and additional capital expenditure. The utility provider reported a profit of SAR10 billion ($2.7 billion) in the previous 12 months, compared […] March 7, 2024
Renewable Energy PIF-backed Eviq plans to deploy 5,000 EV chargers Saudi Arabia has opened its first research and development facility to establish the country’s electric vehicle (EV) fast-charging infrastructure. Electric Vehicle Infrastructure Company (Eviq) – the newly launched joint venture between the Public Investment Fund (PIF) and Saudi Electricity Company – opened the facility in Riyadh. The company is on track to deploy 5,000 chargers […] December 18, 2023
