Riyadh – Sharikat Mubasher: Elsewedy Electric, in partnership with Siemens, is setting up a power plant in Saudi Arabia’s city of Rabigh with investments of $800 million.

An official at Elsewedy Electric stated that Elsewedy Electric is currently in the construction phase of the plant, which will operate with a gas and steam turbine system, the official said, expecting the project to be fully executed before end-2026, according to Al Arabiya Business.

He added that Elsewedy Electric is planning to finish the new expansions at its factory in the kingdom in January 2025.

Furthermore, the group aims to boost its annual production by increasing its investments and business volume in the Gulf Cooperation Council (GCC) countries, the source revealed.

The company is also considering the implementation of several projects, including dam construction and the establishment of water and power plants and gas grids in various countries.

Additionally, it is interested in expanding its export volume, whether in Africa or Europe.