Sunday, 08 November 2009 | 14:00 UAE time
COMPANIES
Saudi Electricity Company
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COMPANY DESCRIPTION
Saudi Electricity Company (SECO), the Gulf’s largest utility by market value, was created by the amalgamation of 10 local electricity firms in Saudi Arabia nine years ago.SECO has since enjoyed a monopoly on the generation, transmission and distribution of electricity across the Kingdom, managing 37,000 megawatts of power across some 45 plants. However, that may be set to change.
Last month a senior government official said Saudi planned to split SECO into four independent power generation companies to encourage more competition.
The company, which is currently 80 percent state-owned with a float of 20 percent on the Saudi stock market, is likely to be divided by 2010, said Abdullah Al Shehri, vice governor for regulatory affairs at Saudi Arabia’s Electricity and Cogeneration Authority.
SECO posted a net loss of $116.3m in the fourth quarter, down 32 percent on the $171.5m it made a year earlier.
KEY INFORMATION
Industry
Electricity Supply
Address
Floor 22, Burj Al Faisaliyyah Building, King Fahd Road, 22955, Riyadh, Saudi Arabia
T
966 1 4053227
F
966 1 4069015
E
-
W
COMPANY OVERVIEW
| Ownership | Type | Established on | Employees |
|---|---|---|---|
| Public | Joint stock | 5 April 2000 | - |
MAJOR SHAREHOLDERS
| Name | Country | ||
|---|---|---|---|
| Government of Saudi Arabia | companies | 74.3 | Saudi Arabia |
| Saudi Arabian Oil Company | companies | 6.9 | Saudi Arabia |
PORTFOLIO
| Name | Country |
|---|---|
| Al Shakeek Water and Electricity Company | Saudi Arabia |
| GCC Interconnection Authority | Saudi Arabia |
| Water and Electricity Company | Saudi Arabia |
| Shuaibah Water and Electricity Company | Saudi Arabia |
OFFICERS
| BOARD OF DIRECTORS | Position |
|---|---|
| Saud Bin Mohammed Al Nimr | Board Member |
| Saleh Hussain Al Awaji | Board Member |
| Abdulaziz Bin Saleh Al Fraih | Board Member |
| Abdullah Bin Mohammed Basodan | Board Member |
| Suleiman Bin Abdullah Al Qadhi | Board Member |
| Saleh Bin Saad Al Muhanna | Board Member |
| Khalid Bin Abdullah Al Sabti | Board Member |
| Essam Bin Alwan Al Bayat | Board Member |
| MANAGEMENT | Position |
| Ali Bin Saleh Al Barak | Chief Executive Officer |
| Youssef Suleiman Balghunaim | Executive Vice President - Generation |
| Saleh Al Onaizat | Executive Vice President - Transmission |
| Ali Al Ayed | Executive Vice President - Finance |
| Fouad J. Al Shuraibi | Senior Vice President - Western Area Operations |
| Saad Al Shaarani | Senior Vice President - Middle Area Operations |
| Ahmad Al Dubaikhy | Senior Vice President - Eastern Area Operations |
| Mansour Abdulrahman Al Qahtani | Senior Vice President - Southern Area Operations |
| Fahd K. Al Hajry | Senior Vice President - General Services |
| Mohammed Al Jufairy | Senior Vice President - Planning and Programming |
| Saud Bin Mohammed Al Shimmri | Senior Vice President - Human Resources |
| Abdulsalam Abdulaziz Al Yemni | Senior Vice President - Public Affairs and Shareholder Relations |
| Idris Ahmad Teiri | Senior Vice President - General Auditing |
| Mutlaq Bin Mohammed Al Mutlaq | Senior Vice President - Legal Affairs |
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LATEST FINANCIAL JOBS
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