ARABIALINK Daily News – SAUDI ARABIA – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]
Yemen Prepares for Railway Line Linking to Saudi Arabia [Jul 18]
“The ministry of Transport has completed the economic and financial study for a railway line costing $ 3.5 billion, benefiting from the expertise of a UN Economic and Social Committee for West Asia, ESCWA. In a report the ministry submitted to the cabinet there was mention that Yemen will present the project to donors for funding, considering it to be one of the most important infrastructures projects which directly impacts all local economies. The Ministry called on financing facilities and banks to contribute to infrastructures funding, adding that the government will make an agreement with a specialized investment company for operations, providing vehicles and the project’s management as well as operational requirements.. ..The project costs USD $1,060,695, and includes an international lines that link from the Yemeni Saudi boarder to Hodeida, Mocha, Taiz, Lahj, and Aden at a length of 729 kilometers. The second axis cost is $ 1,114,520 billion, and includes an international line to Oman that extends across the Yemeni Omani boarders, aiding shipments to Belhaf prot through al-Ghiza and Mukala at a length of 766 kilometers..” [Complete Report]
SPX Lands $41M Contract in Saudi Arabia [Jul 19]
“A unit of SPX Corp. has been awarded a $41 million contract to produce two dry-cooling systems for a large power plant planned in Saudi Arabia. SPX’s thermal equipment and services operation will manufacture and supervise construction of the air-cooled systems at the Riyadh PP11 power project. The plant is being developed by GDF Suez of France and Haljomaih Holding Co. of Saudi Arabia, which also will own and operate the combined-cycle power facility with Saudi Electricity Co. of Saudi Arabia and Sojitz Corp. of Japan. Hyundai Heavy Industries Korea is spearheading the design, engineering, construction, installation, testing and commissioning for Riyadh PP11. “The Middle East continues to be an important developing region for SPX due to increasing demand for energy and continued power infrastructure expansion,”..” [Complete Report]
Saudi SEC 2Q Net Profit Surges 50% [Jul 19]
“Saudi Electricity Co. (5110.SA), or SEC, the largest listed utility in the Gulf, said Monday its net profit surged to 1.1 billion Saudi riyals ($293 million) in the second quarter from SAR715 million a year earlier, mainly on higher revenue and lower costs. Investment Bank NCB Capital had expected the utility to post a second-quarter net profit of SAR948 million, while EFG-Hermes projected SAR864 million. SEC, whose major shareholder is the Saudi government, typically posts losses in the cooler months and swings to profit during the intense heat of the summer. The firm experienced a net loss of SAR782 million in the first quarter of 2010 due to higher operational costs to meet growing demand in the kingdom. First-half earnings per share came in at SAR0.7, compared with losses per share of SAR0.1 a year earlier, while second-quarter operating profit rose 55% to SAR962 million. Second-quarter gross income stood at SAR1.1 billion against SAR776 million in the April-June period of last year. Saudi Arabia, which is struggling to supply uninterrupted electricity during a population boom and industrial expansion, expects SEC to invest $80 billion over the next 10 years to add 20,000 megawatts of power generation capacity..” [Complete Report]
