Negotiations are in progress to set up a fully privately-owned electricity firm in the Kingdom, a report Al Eqtisadiah said.

The company will start operations in three months time. The government is currently looking into bids offered by both the local and international companies.

Baha: Prince Sultan bin Abdulaziz, Second Deputy Premier and Defence and Aviation Minister, has inaugurated four, and launched work on three, development projects worth more than SR130 million ($34.66 million) in Baha.

The projects launched include a 10-km-long cable car facility in Biljurshi implemented by the Baha Investment and Development Company (BIDC) at a cost of SR30 million. It is designed to carry 800 people per hour; a SR23 million artificial leather factory in Biljurshi; a SR25 million poultry farm by BIDC and Faqeeh Farms; and a SR30 million tourism project comprising recreational facilities.

He laid the foundation stone for a project in Qahma for the Prince Sultan Charitable Foundation entailing the construction of 100 housing units, two schools for boys and girls, a polyclinic and a mosque as well as commercial and sports facilities; the Prince Sultan bin Abdulaziz auditorium; and the SR15 million ($4 million) King Abdul Aziz Cultural Centre, which will include a conference hall for 5,000 people.

Makkah: Makkah Governor Prince Abdul Majeed, who is also chairman of Taif Investment and Tourism Company, has signed a SR40 million ($10.66 million) contract with an Austrian company for setting up of a cable car project in Hada, Taif.

Riyadh: Governor Prince Salman has signed a SR96 million ($26 million) contract with Aziz Company to establish a water treatment plant in Riyadh.

Another SR53.9 million contract was signed with Fadak Establishment to implement two water networks in Majma and Sharqa.

NIC to build petrochem plant

Riyadh: National Industrialisation Company (NIC) will construct a $310-320 million polypropylene plant in a joint venture with a subsidiary of Germany's BASF.

Hasa: Al Ahsa Amusement and Tourism Company (AATC) is planning a $24.70 million leisure complex -called Water Park City - to be built on a 250,000 sq m plot in Hasa in the Eastern Province.