Saudi Electricity Co touts industrial base with $6.7bn in opportunities
State-backed utility giant says it expects more localisation in the kingdom's electricity industry over next few years
State-backed utility giant Saudi Electricity Company has announced investment opportunities worth $6.7bn (SAR25bn) in its integrated industrial base as the kingdom looks to enhance Saudi citizens’ skills as part of Saudi Arabia's Vision 2030 transformation agenda.
In an Arabic-language statement on SPA, Saudi Electricity Co indicated that it expected greater localisation within Saudi Arabia's electricity industry over the next few years.
SPA reported that the group’s building programme to build and employ nationals, launched earlier this year, was providing more than 100 promising investment opportunities and projects in the field of electrical industries over five years.
The company added that it was actively adopting mechanisms to support local manufacturers and national companies.
Enhancing Saudi Arabia’s skills base is a central tenet of its Vision 2030 economic mandate, which looks to diversify the kingdom’s economy away from oil revenues.
Saudi Arabia’s Crown Prince HRH Mohammed Bin Salman unveiled the King Salman Energy Park (Spark), a Saudi Aramco megaproject, in December 2018, in support of the Vision 2030 mandate to expand revenue streams in the kingdom.
According to an Arabic-language report by SPA at the time, the city features five major regions.
Phase 1 of Spark will include a specialised training zone for 10 centres focused on enhancing Saudi citizens’ skills – alongside general manufacturing and industrial facilities, and a dry port area, as well as Saudi Aramco well-drilling and maintenance area.