A new private electricity and water company will be established in Saudi Arabia, reported the official SPA Thursday.
It said that Minister of Commerce Osama Faqih has approved the establishment of the company in Jubail, in the eastern part of the kingdom.
The 11 founders of the Jubail-based company have so far paid 20 percent of the total capital, said the agency.
The establishment of the company comes within the framework of the state's policy to “broaden and diversify the sources of national income and encouraging the private sector to play a positive role in acceleration of the wheel of the economic development,” a ministry official said -- Albawaba.com
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