Russian energy developer inks energy-plant deal with Saudi co.

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MOSCOW, June 22 (RIA Novosti) - Technopromexport has signed a strategic cooperation deal with Saudi company Urban Development on building energy facilities in the Middle East country, Russia's leading builder of energy facilities and electricity exporter said Thursday.

The companies will cooperate on projects under a Saudi Arabian state program for urban development, and a tender for construction of electricity grids may be their first joint project.

"Cooperation will help Technopromexport increase its presence on the Saudi market, as housing development means new energy facilities and electric grid management," the Russian company's press service said.

Urban Development is a leading Saudi construction company specializing in regional development, including housing and business infrastructure.

High world oil prices mean oil-rich Arab countries have huge funds to invest in infrastructure projects, primarily in the energy sector. Experts expect the demand for power energy in the Middle East alone to grow by at least 4% a year, and investment in the sector to reach 2.5% of the global total by 2030.

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