Saudi's SEC picks Mobily, Alfanar, CET for $2.5m metring project
Project covers installation and commissioning of 10 million smart metres, to be completed by 30 March, 2023
Saudi Arabian Stock Market-listed (Tadawul) Saudi Electricity Company has picked Etihad Etisalat Co (Mobily), Alfanar Construction, and China Electric Power Equipment and Technology (CET), a part of State Grid Corporation of China (SGCC) for $2.5m (SAR9.6m) smart metring project in the kingdom.
In a stock market filing, SEC said that the project covered installation and commissioning of 10 million smart metres for consumers in Saudi Arabia, with the project set to commence on 19 December, 2019.
SEC said: “The project will be funded through the company’s internal resources in addition to external funding.”
A consortium of Mobily and Alfanar Construction will implement the project in Central and Eastern operating areas, while a branch of CET will carry out the project in Western and Southern areas.
SEC added that project is expected to create “a positive impact” on its financial results following the completion of the project on 30 March, 2023.
According to the missive, SEC will purchase 3.5 million metres from local manufacturers, and one third of the project’s value will be sourced from local content.