The Gulf’s largest utility firm says it is looking to diversify as its bottom line comes under increasing pressure
The state-run Saudi Electricity says it is looking for investment opportunities as it looks to diversify its business, Reuters reported.
The Gulf’s largest utility firm seeks to offset the financial pressures experienced in its core electricity business, its chief executive Ziyad al-Shiha was quoted as saying.
“Because we are squeezed and are in desperate need of financial resources… we would like to diversify our portfolio through investment opportunities, to make a good rate of return that can make the company stronger,” Ziyad al-Shiha told Reuters.
Saudi Arabia’s population is expanding rapidly, but the policy is to keep consumer electricity prices low, putting a dent in Saudi Electricity’s profits.