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 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 Industry PIF in talks to invest $250m in Chinese EV company Saudi Arabia’s Public Investment Fund (PIF) is discussing investing $250 million in Chinese electric vehicle (EV) maker Human Horizons Group. The kingdom’s sovereign fund’s investment could potentially value the Shanghai-based company at $3 billion, Bloomberg reported, citing informed sources. An agreement is likely to be reached by the end of the year, but it could […] November 8, 2023 Infrastructure Saudi Electricity profit falls 8% on rising finance costs Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported a net profit of SAR5.84 billion ($1.55 billion) in the third quarter of 2023, down 8.33 percent year on year. The profit decline was driven by higher finance costs, mainly due to high global interest rates and the additional funding needed to finance […] November 8, 2023 Industry Work to begin in 2024 on Hyundai’s $500m Saudi car plant A joint venture between Saudi Arabia’s Public Investment Fund and Hyundai Motor Company is expected to break ground on its first vehicle manufacturing plant next year. The sovereign fund will hold a 70 percent stake in the venture, with the South Korean car giant holding the rest. Vehicle production is due to start in 2026. The […] October 23, 2023 Transport Red Sea Global installs Saudi Arabia’s largest EV charging network Saudi developer Red Sea Global has installed what it says is the kingdom’s largest off-grid electric vehicle charging network. The network includes more than 150 charging stations spread across phase one of the Red Sea project. The stations are strategically located to keep Red Sea Global’s initial fleet of 80 electric Lucid and Mercedes vehicles […] October 17, 2023 Manufacturing PIF sets up unit to localise Saudi automotive sector Saudi Arabia’s Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments) to build local manufacturing and supply chain capabilities for the automotive and mobility industry in the kingdom. The new company will be responsible for strategic investments and partnerships with both local and global private sector companies. The […] October 11, 2023 Infrastructure PIF launches company to drive Saudi EV charging The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have launched a new company to deliver electric vehicle (EV) fast-charging infrastructure in Saudi Arabia. The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake. The new company plans to establish […] October 9, 2023 Posts navigation 1 2 Next
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
Industry PIF in talks to invest $250m in Chinese EV company Saudi Arabia’s Public Investment Fund (PIF) is discussing investing $250 million in Chinese electric vehicle (EV) maker Human Horizons Group. The kingdom’s sovereign fund’s investment could potentially value the Shanghai-based company at $3 billion, Bloomberg reported, citing informed sources. An agreement is likely to be reached by the end of the year, but it could […] November 8, 2023
Infrastructure Saudi Electricity profit falls 8% on rising finance costs Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported a net profit of SAR5.84 billion ($1.55 billion) in the third quarter of 2023, down 8.33 percent year on year. The profit decline was driven by higher finance costs, mainly due to high global interest rates and the additional funding needed to finance […] November 8, 2023
Industry Work to begin in 2024 on Hyundai’s $500m Saudi car plant A joint venture between Saudi Arabia’s Public Investment Fund and Hyundai Motor Company is expected to break ground on its first vehicle manufacturing plant next year. The sovereign fund will hold a 70 percent stake in the venture, with the South Korean car giant holding the rest. Vehicle production is due to start in 2026. The […] October 23, 2023
Transport Red Sea Global installs Saudi Arabia’s largest EV charging network Saudi developer Red Sea Global has installed what it says is the kingdom’s largest off-grid electric vehicle charging network. The network includes more than 150 charging stations spread across phase one of the Red Sea project. The stations are strategically located to keep Red Sea Global’s initial fleet of 80 electric Lucid and Mercedes vehicles […] October 17, 2023
Manufacturing PIF sets up unit to localise Saudi automotive sector Saudi Arabia’s Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments) to build local manufacturing and supply chain capabilities for the automotive and mobility industry in the kingdom. The new company will be responsible for strategic investments and partnerships with both local and global private sector companies. The […] October 11, 2023
Infrastructure PIF launches company to drive Saudi EV charging The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have launched a new company to deliver electric vehicle (EV) fast-charging infrastructure in Saudi Arabia. The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake. The new company plans to establish […] October 9, 2023
