Saudi Electricity Company Concludes Participation In Energy Localization Forum With SAR 54.7 Billion Agreements

The Saudi Electricity Company (SEC) recently wrapped up its role as a strategic partner in the Energy Localization Forum. This event, hosted by the Ministry of Energy in Riyadh, spanned two days and focused on "Resilient Energy: Enabling Energy Sector Capability and Sustainability." The forum saw the signing of 45 agreements and memoranda of understanding worth over SAR 54.7 billion, aligning with SEC's goals to localise the energy sector in accordance with Saudi Vision 2030.

Among the agreements were plans to localise cable accessories through long-term purchase contracts and establish local manufacturing facilities. Additionally, there was a focus on localising high- and extra-high-voltage switches, aiming for a 75% localisation rate for SEC's requirements. These efforts are part of broader energy transmission projects designed to connect central, western, and southern regions, thereby enhancing grid stability and improving electrical service reliability.

Eng. Khaled bin Salim AlGhamdi, Acting CEO of SEC, expressed pride in the company's strategic involvement in this significant event. He reaffirmed SEC's dedication to advancing renewable energy and environmental sustainability. AlGhamdi stated: "These agreements mark a significant step toward developing local supply chains, boosting industrial investments, and creating opportunities for localizing the electricity sector, ultimately contributing to the sustainable economic growth of the Kingdom’s energy sector."

SEC also engaged in panel discussions that delved into transforming the energy sector and its localisation strategy. This included discussions about the "Benaa" program aimed at localising the electricity industry. The program seeks to develop national capabilities and attract global investors to establish advanced factories within Saudi Arabia.

This initiative supports not only employment but also training for national talent. It aims to promote trade balance by increasing Saudi exports. By focusing on these areas, SEC hopes to foster a robust environment for industrial growth within the Kingdom.

The forum highlighted key projects that will link various regions across Saudi Arabia. These projects are crucial for strengthening power grid stability and ensuring reliable electrical services throughout the country.

The agreements signed during this forum represent a pivotal move towards building resilient local supply chains. They are expected to boost industrial investments significantly while creating numerous opportunities for localisation within Saudi Arabia's electricity sector.

With inputs from SPA