** Six (6) Bids received from six consortia for Shuqaiq-3 IWP ** Request for Proposals for Jeddah Airport 2 ISTP issued **

Introduction of Water and Electricity Company (a single member limited liability company):

The resolution of the Council of Ministers No. 494 dated 5/8/1438H extended the scope of the work of the Water and Electricity Company as the Principal Offtaker of water to include the purchase of desalinated, purification, treated and untreated water in addition to co- generation, and the Minister of Finance provides the credit support to the Company to support its financial solvency of the signing of long-term purchase contracts within the framework of the principles stated in the Council of Ministers Resolution No. (181) dated 9/6/1425H, in accordance with the terms and conditions set by the Minister of Finance, the transfer of ownership of the company in full to the Government, with the agreement on corporate governance and contracted projects .

 

The Ministry of Finance fully (100%) owns the Water and Electricity Company and the Company's capital is SR (100,000,000) One Hundred Million Saudi Riyals.

 

Company Objectives:

1. Tendering of plants and projects of desalination, water purification, sewage water treatment and co- generation for the private sector (i.e., IWP, IWPP, STP).

2. Tendering of water storage tanks projects.

3. Tendering of projects for the construction of dams for the purpose of providing drinking water.

4. Purchase and sale of water (desalinated, purification, treated and untreated) and electricity and the conclusion of the necessary agreements.

5. Purchase the fuel needed to achieve its purposes.

 

Mission:

To plan, procure and deliver reliable water and by products, environmental friendly at economic cost.

 

Vision:

To be the efficient and sole offtaker of water and by-products to embrace the competitive water market and to meet the growing demand in the Kingdom.

 

 

History of WEC:

Earlier, following the Resolution 5/23 of Supreme Economic Council, WEC was established as a Limited Liability Company (LLC) in 2003, owned 50% each by Saline Water Conversion Corporation and Saudi Electricity Company, where the main purpose of the establishment of the company was to purchase water and electricity from private sector projects and sale of water to Saline Water Conversion Corporation and electricity to Saudi Electricity Company.