The Saudi Electricity Company (SEC) concluded its participation as the strategic partner in the Energy Localization Forum, organized by the Ministry of Energy in Riyadh over two days under the theme 'Resilient Energy: Enabling Energy Sector Capability and Sustainability.' The forum resulted in the signing of 45 agreements and memoranda of understanding valued at more than SAR 54.7 billion, aligning with SEC's strategy to enhance energy sector localization in line with Saudi Vision 2030 objectives. The agreements include localizing cable accessories through long-term purchase agreements and establishing local factories, as well as localizing high- and extra-high-voltage switches, aiming for a 75 percent localization rate of the company's needs. Key energy transmission projects were also part of the agreements, linking the central, western, and southern regions to strengthen the stability of the power grid and enhance the reliability of electrical services. Acting Chief Executive Officer of Saudi Electricit y Company Eng. Khaled bin Salim AlGhamdi expressed his pride in SEC's strategic partnership in this pivotal event, reaffirming the company's commitment to advancing renewable energy and environmental sustainability. He 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 participated in panel discussions that explored the transformation of the energy sector and the company's localization strategy, including the 'Benaa' program, which aims to localize the electricity industry, develop national capabilities, and attract global investors and companies to establish advanced factories. This initiative supports the employment and training of national talent and promotes trade balance by increasing Saudi exports. Source: Saudi Press Agency
Wednesday, April 22, 2026