Saudi needs SAR 700 bln to meet power demand by 2025: SEC chairman

Saudi Arabia’s electricity sector will need around SAR 700 billion in investments over the next decade in order to meet growing demand, Arab News reported citing comments from Saleh bin Hussain Al-Awaji, Saudi Electricity Co.’s (SEC) chairman and deputy minister for water and electricity.

A larger percentage of future investments are expected to come from the private sector, Al-Awaji added; while more specialized entities will be set up to design and implement high-tech power projects in the kingdom.

Last month, state-owned SEC announced it had established SEC for Projects Development, a wholly-owned subsidiary tasked with engineering and managing projects. The new company is expected to meet only 25 percent of SEC's needs, which indicates the magnitude of current demand in the market, as well as the availability of opportunities.