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Monday, December 7 - 2009

Saudi Electricity gets government reprieve

  • Saudi Arabia: Wednesday, September 16 - 2009 at 10:00

State-controlled Saudi Electricity has been granted an additional ten-year reprieve on paying dividends to the government, saving the utility company hundreds of millions of riyals per year, Reuters has reported. The firm, undergoing a deep restructuring to maintain profitability as it faces a 9% annual rise in power demand, has cut its workforce, tapped the bond market and launched private sector partnerships to reduce the financial burden of its expansion.

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