A water and electricity company was established, with a capital of SR30 million ($8 million), as the first practical partnership between a government body and a semi-private establishment, Asharq Al-Awsat reported.
The new company, which will be based in Riyadh, is a partnership between the Saline Water Conversion Corporation (SWCC), a government body, and the Saudi Electricity Company, which has a 70% government stake.
The company is to be controlled by a board of six directors; three will be appointed from among the directors of each partner.
Source: SPA
