Riyadh - Mubasher: The Saudi cabinet has authorized the minister of environment, water and agriculture and the minister of finance, jointly, to take the necessary procedures to transfer the ownership of the Water and Electricity Company (WEC) to the government.
The cabinet also expanded the mandate of the Water and Electricity Company as a major purchaser of water, including the purchase of desalinated, purified, treated and untreated water with the right to sell, according to Saudi Press Agency (SPA).
The Cabinet has also authorized the minister of finance to provide the necessary credit support for the Water and Electricity Company to support its financial solvency in order to sign long-term purchase contracts.
