Saudi Electric signs $1.07bn utility contract for housing projects

Saudi Electricity Co (SEC) signed a SAR 4bn ($1.07bn) contract to deliver electrical service for housing projects, the utility firm said on Sunday.

The contract, signed between the firm and the Ministry of Water and Electricity, is for 29 projects being implemented by the Ministry of Housing, according to a bourse statement.

SEC said the financial impact of the contract will begin to be felt in the fourth quarter of this year.

It will deliver electricity for three years to the housing projects, which have a cost of SAR 14bn.