Saudi Arabia has unveiled plans to pump in $53.3 billion into the electricity power sector by 2015 amid reports stating that the number of consumers in the Kingdom was poised to hit 7 million within the next seven years.

"The electricity sector needs such a vast investment to implement its ambitious expansion plans so as to meet the fast growing demand for power, especially from the industrial sector," said minister of electricity and water Abdullah Al Hussain.

"The number of consumers is expected to climb to 7 million within the coming seven years, compared to the current figure of 5.2 million," he was quoted as saying in the Gulf News.

"Meeting this increase means an increase in power supply from 32,000MW to 54,000MW," he noted.

The minister also launched a nation-wide electricity rationalisation campaign on Saturday. The five-year long campaign is aimed at reducing wastage in the consumption of electricity to 30 per cent.