Schneider Electric, the global leader in the digital transformation of energy management and automation, has signed a memorandum of understanding (MoU) with the Saudi Industrial Development Fund (SIDF) to accelerate technology adoption in the Kingdom’s industrial sector.
Under the partnership, Schneider Electric will bring its expertise to SIDF’s Tanafusiya program, which aims to enable industrial manufacturers to increase their energy efficiency, reduce their energy costs as the Kingdom aims for net-zero status by 2060.
Through this new collaboration for the future, Schneider Electric and SIDF aim to create added value across Saudi Arabia’s dynamic industrial ecosystem. This will be achieved by providing factories with better access to financing and technical solutions to reduce costs, increase energy efficiency and expand human skills and capabilities sector-wide.
Commenting on the partnership, Dr. Ibrahim bin Saad Al Mojel, CEO of the Saudi Industrial Development Fund, said: “We are excited to welcome Schneider Electric to our group of service providers to the Tanafusiya program. This program is representative of our reception and acknowledgement of the private sector and marks significant integration between the public and private sectors. We expect Schneider Electric to add great value to the program through supporting industrial facilities with digital solutions.”
Oseid Fagih, Vice President, End Users & Industry, Schneider Electric, said: “Saudi Arabia has commendably allowed the private sector to increase industrial productivity by adopting the tools, technologies and technical skills needed to cut costs, boost output and improve energy efficiency. We are pleased to enter into a new partnership with the Saudi Industrial Development Fund to support the Tanafusiya program. It aligns perfectly with our mission to lead the digital transformation of energy management in manufacturing, and we look forward to working closely on this project in the coming months.”
The Tanafusiya program is tailored to deliver on the Kingdom’s national transformation goals by spearheading digital transformation and energy efficiency in the manufacturing sector.
The program is also strategically aligned with SIDF’s aim to enabling Saudi Arabia’s transformation to become an industrial powerhouse and a global logistics hub.