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SEC joins FII Institute’s 7th conference as strategic partner, unveils investments

SEC joins FII Institute’s 7th conference as strategic partner, unveils investments
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Riyadh – Mubasher: Saudi Electricity Company (SEC) has revealed investment plans until 2030 in line with its participation as a strategic partner in the seventh edition of the Future Investment Initiative (FII) event being hosted in Riyadh on 24-26 October 2023.

SEC is taking part in panel sessions and addressing major issues in the future of the electric power industry during the three-day conference, according to a press release.

The company will discuss the future of energy efficiency in addition to the strides being made while data is used through artificial intelligence (AI) to address challenges in energy consumption, besides seizing investment opportunities to endorse global economic growth.

SEC promotes itself as the largest electric power producer, carrier, and distributor in the MENA region. Meanwhile, the company’s CEO, Khaled bin Hamad Al Gnoon, said: "We are proud of our partnership with the Future Investment Initiative Institute. Through this partnership, we seek to emphasize the great efforts of the region in the growth and development of the economic sectors, especially the electricity sector.”

Al Gnoon further elaborated on the main areas of investment that SEC will focus on over the coming years, noting that they target the construction of smart grids, improving their reliability, and adding renewable energy projects.

The CEO concluded: “We are aiming to invest in the development of an energy production projects portfolio and in the liquid displacement programme, while actively contributing to the Kingdom's ambitious energy transformation plans.”

He added that the listed firm aims to leverage its expertise and huge asset base which will enable it to provide further growth opportunities from new businesses, including optical fiber, power services, and infrastructure for electric vehicles (EV) and others.

It is worth noting that SEC is among 23 strategic partners joining FII7 event, alongside the founding partner, Saudi Arabia’s Public Investment Fund (PIF), the Saudi Ministry of Investment as the vision partner, academic partners, and other partners.