Siemens gets $147.5 mln Saudi contract

RIYADH, Sept 21 (Reuters) - Saudi property developer Emaar Economic City said on Sunday it has awarded German Siemens a 553 million riyals ($147.5 million) contract.

The contract is for setting up power transportation and distribution infrastructure at the Saudi firm's sole project, the giant King Abdullah Economic City on the Red Sea coast, it said in a statement on the bourse website.

Siemens should deliver the project by the end of the first quarter of 2010, Emaar Properties' subsidiary added.

King Abdullah Economic City, which includes a large port, financial districts and leisure facilities, hopes to attract investments worth about $28 billion.

(Reporting by Souhail Karam; Editing by Ola Galal) Keywords: SIEMENS SAUDI/EMAAR [e-mail] vs COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.