A group of Saudi investors have set up a company with a capital of SR400 million ($106.66 million) to invest in the filed of power generation and distribution, a report said.

The Eastern Province-based company has signed a series of deals with European and US firms to benefit from their expertise in localising the power generation industry in the kingdom, an Arab News report said quoting Salih Al-Dakhail, vice-chairman of the constituent committee of IFA integrated company.

The company aims to work on projects related to power transmission lines, distribution networks, maintenance works, rehabilitation of existing power generating plants and import of spare parts, in addition to acquiring shares in electric power projects.