WATER AND ELECTRICITY CORPORATION

The Water and Electricity Company was established by virtue of the Supreme Economic Council's Decision No. 235 dated 05/06/2002 corresponding to 23/3/1423 aiming at creating an independent entity with legal personality to buy water and electricity from the companies that will own projects for the production of both water and electricity. The said entity will then sell water to the Saline Water Conversion Corporation (SWCC) and electricity to the Saudi Electricity Company (SEC). Partnership has been concluded with SWCC for establishing the said Water and Electricity Company which is a limited liability company with a capital amounting to SR 30 million to be paid on two equal portions by the two parties.