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Saudi Shaker Group’s unit partners with Signify to boost Saudi energy sector

Saudi Shaker Group’s unit partners with Signify to boost Saudi energy sector
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Riyadh – Mubasher: Saudi Arabia-based Shaker Group’s unit, Energy Services Company (ESCO), has signed a memorandum of understanding (MoU) with Signify, the subsidiary of Philips Lighting.

The deal entails boosting expansion plans of ESCO, a rapidly growing business that specialises in energy efficiency solutions, to provide more efficient energy services and products.

Under the MoU, ESCO and Signify will join forces to deliver efficiency studies and retrofit across the Kingdom, with a focus on LED lighting solutions, Shaker Group said in a statement on Wednesday.

It is worth noting that the Saudi government has committed to implement energy efficiency projects at a combined value of more than SAR 2 billion.

To this end, Signify will provide direct support to ESCO projects through systems and technologies in an effort to create synergy between an industry-leading global player and an established local company, the statement showed.

“Our aim is to deliver nothing less than a global standard across projects, and we are certain that our local expertise, combined with Signify’s unrivalled experience in delivering energy efficient systems, will prove to be a great success,” Shaker Group’s CEO Azzam Saud Almudaiheem said.

Signify is currently offering the most updated services and systems in power sector in Saudi Arabia, Alaa Ameen, CEO of Signify Saudi Arabia, stated.

"[Signify] looks forward to benefitting from our MoU with Shaker Group, in direct support of the Government’s ‘Tarsheed’ programme, which has the objective of increasing and boosting energy efficiency in the Kingdom,” Ameen added.