On May 16, 2012, Arabian Bemco signed a S.R 4.7 billion contract with the Saudi Electricity Company to build a Grass Root Combined Cycle Power Plant

in Riyadh, Saudi Arabia. The signing ceremony of the contract, “Construction of Riyadh Combined Cycle Power Plant No. 12 (PP-12)” was held at the Saudi Electricity Company office in Faisaliyah Tower, Riyadh.

The Contract was signed by H.E. Dr. Saleh Al-Awaji, Deputy Minister for Electricity and Chairman of SEC, Mr. Ali S. Al-Barrak President and CEO of SEC, Sh. Saleh Bin Laden, Board Member of Arabian Bemco, Mr. Henry Sarkissian, CEO of Arabian Bemco and Mr. Jung-Jae Huh, Sr. Executive VP of GS Engineering & Construction.

The plant is located in Saudi Arabia, 100 KM West of Riyadh City. Once completed, the new grass root combined cycle power plant (PP12) will produce a net output of 2,175 MW at ambient temperature of 45C with high efficiency. The plant utilizes exhaust gases from the gas turbines to generate steam and run the

steam turbines, maximizing the fuel utilization with a highly efficient combined cycle design. In addition, a new 380 kV Substation will be built adjacent to the power plant.

Saudi Electricity Company is speeding up its power projects and planning to raise over $80 billion investment to add 30,000 MW of additional power generation capacity by 2018.

Bemco is a leading Saudi contractor with 22,000 MW of power generation experience and is currently executing two combined cycle power plants in Saudi Arabia, PP10 Combined Cycle and Qurayyah Combined Cycle.

PP12 is expected to be completed in 2015.