Saudi Electricity $267m deal

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Saudi Electricity $267m deal

Saudi Electricity Co signs $267m deal for gas/solar plant

State-owned utility Saudi Electricity Co has signed a contract worth 1 billion riyals ($267 million) to buy generators for the kingdom’s first fossil fuel-fired power plant that will also produce solar energy.

The 550-megawatt integrated solar combined cycle (ISCC) plant will primarily burn natural gas, but will generate 50 MW of solar energy to increase fuel efficiency at the planned facility near Tabuk on the Red Sea coast.

SEC did not name the company which will supply generating units to the plant, but an industry source familiar with the matter said the company was General Electric.

ISCC plants reduce emissions of climate-warming carbon by increasing the amount of steam available for driving power generation turbines, without having to burn more gas or oil.

SEC said the project, expected to cost a total of 2.5 billion riyals, would be fully operational before the end of 2017.

The company’s chief executive Ziyad al-Shiha was also quoted as saying in the statement that a new high voltage direct current facility in Tabuk, expected to cost 4.5 billion riyals, would be commissioned in 2018 to boost electricity transmission in the country’s western region and later to Egypt.

Source: Arabia Business

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.