DC Pro in joint venture with Saudi's Taqnia Energy
DC Pro Engineering has entered into a joint venture with Taqnia Energy (TE) in order to win work in Saudi Arabia's district cooling and renewable energy sectors
DC Pro Engineering has entered into a joint venture with Taqnia Energy (TE) in order to win work in Saudi Arabia's district cooling and renewable energy sectors.
UAE-based DC Pro will provide the technical expertise while Taqnia, a subsidiary of the Saudi Technology Development and Investment Company, will take care of marketing the new business.
The partnership agreement is for 12 months with scope to extend if both parties agree.
DC Pro Engineering has been operating in Saudi Arabia for eight years and says it holds a 30-40% market share in the Kingdom's district cooling sector.
Fouad Younan, managing director of DC Pro Engineering, said.“The Saudi market is an extremely important one for us and we have instigated a strong strategy to strengthen our presence and offering across a number of products that we aim to introduce through our partnership with Taqnia Energy
“As part of Saudi 50 we are targeting significant growth that will enable the Saudi market to account for 50% of our total revenues by 2020. The partnership with Taqnia Energy is not only important for this vision, but given its position as a company owned by the PIF and its existing partnerships, we will be able to open a greater number of doors across the Kingdom.
“We are well known in Saudi Arabia for district cooling, but we are expanding into other industries, more specifically solar PV services, renewable energy and tri-generation. Working with Taqnia Energy, we will be able to develop into these sectors and branch away from being only known as a district cooling consultant.”
Dr. Abdulrahman Al Muhanna, CEO of Taqnia Energy, said: ’We at Taqnia Energy aim to establish partnerships with the finest and the most reputable organisations in the energy industry. DC Pro Engineering’s values are aligned with TE’s mandate, thus granting this partnership opportunity to contribute to the fruition on the Saudi Vision 2030, by developing the local content related to the energy infrastructure and to safeguard the natural resources and the environment through increasing the efficiency of fuel utilisation.’’