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Mon 30 Dec 2013 09:00 AM

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Saudi prince's firm to file complaint against EDF

Company cites 'faulty execution' by EDF of agreement between the two sides to form JV

Saudi prince's firm to file complaint against EDF

Soroof International, a conglomerate controlled by a Saudi Arabian prince, said on Sunday that it would file a complaint before Saudi courts against France's state-run utility EDF.

The Saudi company cited the "faulty execution" by EDF of an agreement between the two sides to form a joint venture in Saudi Arabia that would develop electricity projects.

In a statement, Soroof said the complaint would be filed in coming days. It did not give details of the dispute, saying it had to respect the confidentiality of an arbitration procedure already launched at its request at the International Chamber of Commerce.

The Saudi company is headed by Prince Bander Bin Abdullah Al-Saud. He is directly related to King Abdullah through his mother, though his branch of the sprawling royal family is not at the centre of political power.

EDF was unable to comment immediately on the issue on Sunday, a working day in the Gulf but the weekend in Europe.

French President Francois Hollande and other senior French officials were expected to arrive in Saudi Arabia later on Sunday to discuss diplomatic issues and business ties with Saudi leaders.

Saudi Arabia's atomic energy plans are expected to provide multi-billion dollar contracts to foreign nuclear reactor vendors, possibly including EDF and French rival Areva.

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