Elsewedy Electric, Siemens build $1B power plant in Saudi Arabia
Updated 9/25/2024 10:00:00 AMArab Finance: Elsewedy Electric, in partnership with Siemens, is setting up a power plant in Saudi Arabia’s city of Rabigh with investments exceeding $1 billion, as per a statement.
The project is expected to be fully executed before end-2026.
Elsewedy Electric is currently in the construction phase of the plant, that will operate with a gas and steam turbine system, an official at Elsewedy Electric told Al Arabiya Business.
He added that Elsewedy Electric is planning to finish the new expansions at its factory in the kingdom in January 2025.
Furthermore, the group aims to boost its annual production by increasing its investments and business volume in the Gulf Cooperation Council (GCC) countries, the source revealed.
It is also considering the implementation of several projects, including dam construction and establishment of water and power plants and gas grids in various countries.
Additionally, it is interested in expanding its export volume, whether in Africa or Europe.
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