First Published: 2017-08-16

Saudi Electricity announces $1.75b in international loans
National electricity company secures five-year loan from eight international banks without disclosing ‘diverse capital expenditure projects’ .
Middle East Online

Kingdom's Vision 2030 plans to lessen economy's reliance on oil revenue

RIYADH - Saudi Arabia's national electricity company on Wednesday announced it had secured $1.75 billion in international loans, its largest to date, to finance future plans.

The five-year loan is financed by eight international banks, according to a statement published by the Saudi Electricity Company.

They are HSBC, Standard Chartered, NATIXIS, Citibank, First Abu Dhabi Bank, the Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking Corporation and Mizuho Bank.

The statement did not detail the company's "diverse capital expenditure projects".

Saudi Arabia, the world's biggest oil exporter, took a serious hit when crude prices plummeted in mid-2014, forcing Riyadh to cut subsidies and delay projects.

The kingdom last year announced its Vision 2030 plan, which aims to diversify the Saudi economy and reduce reliance on oil revenue.

Saudi Arabia had forecast a budget deficit of $53 billion this financial year, down slightly from last year's shortfall.

The deficit however halved in the first six months of this year, the finance ministry said Sunday, following sweeping government spending cuts and a stabilisation in oil prices.

Saudi Arabia is due to introduce its first value-added tax (VAT) in early 2018.

The country is also preparing to sell just under five percent of energy giant Aramco next year.

 

UN chief 'deeply alarmed' by Eastern Ghouta violence

US declares readiness to talk Mideast peace

IS kills 25 Iraqi militiamen near Kirkuk

Sudan frees dozens of activists detained after protests

Saudi Arabia to host first Arab Fashion Week

Blockaded Gaza Strip forced to pump sewage into sea

African migrants start hunger strike over Israel expulsion

Three militiamen killed in Libya car bomb attack

Russia denies ‘groundless’ accusations of role in Ghouta killings

Turkey says whoever helps YPG is 'legitimate target'

Morocco dismantles IS-linked terrorist cell

Turkey urged to end gas standoff with Cyprus

PKK attack near Iraq kills 2 Turkish soldiers

Netanyahu confidant to testify against him

Iran emergency teams recover bodies from plane crash site

Ten dead in more Syrian regime strikes on East Ghouta

Bahrain activist sentenced to 5 years for Yemen tweets

Lebanese president makes landmark visit to Iraq

Bloodbath in Syria's eastern Ghouta

Abbas calls for peace conference in rare UN speech

Egyptian court adds leading government critic on terror list

Yemen government offensive threatens heritage site

Turkey considering chemical castration for child abusers

45 civilians killed in air strikes on rebel enclave

Cairo sheds Ottoman-era street names amid Egypt-Turkey crisis

New woes for Israeli PM in fresh graft cases

Maghreb countries wary about jihadists relocating from Iraq, Syria

Erdogan says Turkey will besiege Afrin "swiftly"

Turkey releases leading pro-Kurdish politician

5 Iranian police killed in Sufi protests

Iran finds wreckage of crashed plane on top of mountain

Israel’s gas contract with Egypt: deal or no deal?

Somalia appoints new police, intelligence chiefs

Iran plane crash rescue search halted for second night

France reaffirms commitment to Iran nuclear deal

Turkey warns Syria against protecting Kurds

Abbas warms up to Moscow amid cold US-Palestinian ties

Israel strikes 'historic' gas contract with Egypt

Are Iranian satellite channels aiding regime change?

Israel pounds Gaza with air strikes after rocket attack

Iraq orders deportation of French jihadist

Pro-Assad militias to enter Syria's Afrin

Two hardline Syria rebels announce merger

Three Egyptian soldiers killed in Sinai

Israeli, US officials meet over gas row with Lebanon