Saudi Electricity approves $10bn projects in 2020
231 contracts were signed year-to-date (YTD), boosting the local content by SAR 2.2 billion as part of the initiatives of the Localization of Electricity Industry Programme
The Saudi Electricity Company (SEC) approved about SAR 37 billion for its projects during 2020 and further provided its services to additional 200,000 subscribers since the onset of the year, despite the coronavirus pandemic, bringing the total number of subscribers to more than 9 million.
During a recent virtual meeting held by Asharqia Chamber, executive vice president for services and contracts activities at SEC, Abdullah Al Mady, said a total 231 contracts were signed year-to-date (YTD), boosting the local content by SAR 2.2 billion as part of the initiatives of the Localization of Electricity Industry Programme.
He emphasized that SEC supports national companies, spotlighting the Local Content Development Strategy (BENA), which comprises three main initiatives to encourage and promote local industries and services.
In this respect, Al Mady clarified that the first initiative aims at developing policies and mechanisms to support and motivate local manufacturers and contractors; the second one stimulates small and medium-sized enterprises (SMEs) while the third identifies Saudization opportunities in materials industries.
For his part, CEO of the Projects Development Company owned by SEC, Mahdi Al Dossary, revealed that SEC has paid, until 18 July 2020, all approved and due invoices to contractors.
He further affirmed that all contractors in the service distribution projects are Saudi nationals, adding that the company deals with over 1,200 contractors, of which Saudi citizens exceed 90%.