GCC planning US$1.2bn power grid trial

Trial operations for the US$1.2 billion (BD453.6 million) GCC electricity grid are being discussed at a meeting of member states, including Bahrain. A two-day meeting of the GCC Interconnection Authority (GCCIA) started in Dammam, Saudi Arabia's Eastern province. Board member and Bahrain's Electricity and Water Authority chief executive Dr Abdulmajeed Al Awadhi is representing Bahrain at the meeting, led by chairman Yousif Janahi, from Qatar. The project, aimed at reducing the cost of power generation in the GCC countries, will be carried out in three phases.

Saudi to pump US$53bn into power sector

Saudi Arabia has unveiled plans to pump in US$53.3 billion into the electricity power sector by 2015 amid reports stating that the number of consumers in the Kingdom was poised to hit 7 million within the next seven years. ""The electricity sector needs such a vast investment to implement its ambitious expansion plans so as to meet the fast growing demand for power, especially from the industrial sector,"" said Minister of Electricity and Water Abdullah Al Hussain.

Qatari Diar, Barwa and GDF SUEZ Group to establish multi-utility company in Qatar

Qatari Diar Real Estate Investment Company, Barwa, GDF SUEZ Energy Services and SUEZ ENVIRONMENT signed a shareholders' agreement to establish a multi-utility company in Qatar. The CEO of Qatari Diar, Chairman of Barwa, and the Chairman Designate of the new Joint Venture multi-utility company, signed the shareholders (JV) agreement to establish a shareholding limited liability company with 51 per cent Qatari stake and 49 per cent French stake. The new JV will focus on multi-utility facilities and services in the fields of water treatment and distribution, wastewater collection and treatment, power transmission and distribution, and a wide range of energy services such as district cooling, gas supply, solid waste collection and treatment, desalination and Integrated Communication Technologies.

Dubai's Abraaj Capital buys into Karachi power firm

Private equity firm Abraaj Capital has bought a controlling stake in KES Power, the parent company of Karachi Electric Supply, to help boost generating capacity in Pakistan's largest city, Abraaj said. Dubai-based Abraaj, which manages about US$5 billion in funds, said it was buying new shares in KES Power Ltd, giving Abraaj a 50 per cent stake and management control of the firm. Karachi is Pakistan's biggest city with a population of more than 13 million and is home to many industries, the country's two main ports and its main stock market.