Saudi power firm to build new plant

State-controlled Saudi Electricity yesterday said it signed a deal to build a new 4.6 billion Saudi riyal (Dh4.5 billion) power plant in Shoaiba, some 120km south of Jeddah. The statement did not say which company has been awarded the contract to build the project  called Shoaiba II  but industry sources said South Korea's Daelim Industrial has won the deal. The combined-cycle plant will have a power capacity of 1,238MW, SEC said in a statement. Saudi Electricity has an $80 billion (Dh293 billion) investment plan to increase its power generation capacity by 30,000 MW by 2018 to meet power demand.