Harbin Electric (01133.HK) saw its stock price soar by 5.17% during the intraday trading session on Wednesday, as investors reacted positively to news of the company securing significant contracts in Saudi Arabia.

The surge in stock price comes after an announcement that Harbin Electric International Co. Ltd, a subsidiary of Harbin Electric, has been awarded EPC (Engineering, Procurement, and Construction) contracts for two major power plant projects in Saudi Arabia. These projects, known as Rumah 2 and Al Nairyah 2, are part of a larger $4 billion (approximately AED 14.7 billion) investment aimed at adding 3.6 GW of power capacity to meet Saudi Arabia's growing energy demands.

The contracts were awarded as part of a consortium deal involving Abu Dhabi National Energy Company PJSC (TAQA), JERA, and AlBawani. While specific contract values for Harbin Electric were not disclosed, the scale of the projects suggests a substantial boost to the company's order book. This development is likely to have a positive impact on Harbin Electric's future revenue and profitability, explaining the enthusiastic response from investors in today's trading session.