Riyadh, Saudi Electricity Company, the largest electric power producer, carrier and distributor in the Middle East and North Africa, has revealed massive investment plans up to 2030 alongside its participation in the seventh Future Investment Initiative (FII7) conference hosted in Riyadh from October 24 to 26.

FII is holding this year's event under the theme "The New Compass"; it highlights the role of global dialogue in overcoming today’s most pressing challenges. A large number of national leaders and policy makers are attending the conference.

Saudi Electricity Company is participating in panel sessions and discussing key issues concerning the electric power industry, including the future of energy efficiency and the strides being made in the use of data through artificial intelligence to address challenges posed to energy consumption, as well as seizing investment opportunities to promote global economic growth.

Saudi Electricity Company CEO Eng. Khaled bin Hamad Al-Gnoon, talking about the company’s participation in FII, 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."

He also highlighted the main areas of investment that the company will focus on in the coming years, including the construction of smart grids, improving grid reliability, and adding renewable energy projects.

He added: "We are aiming to invest in the development of an energy production projects portfolio and in the liquid displacement program, while actively contributing to the Kingdom's ambitious energy transformation plans."

According to him, the Saudi Electricity Company is working to "leverage its expertise and huge asset base to provide additional growth opportunities from new businesses, such as optical fiber, power services, and provide infrastructure for electric vehicles", among others.

Source: Saudi Press Agency