Schneider Electric signs MoU with Saudi Industrial Development Fund for its Tanafusiya program

10X Technology

Mita Srinivasan
10X Technology
Published:

Schneider Electric signs MoU with Saudi Industrial Development Fund for its Tanafusiya program

Through this new collaboration, Schneider Electric and SIDF aim to create added value across Saudi Arabia’s dynamic industrial ecosystem. This will be achieved by providing factories with better access to financing and technical solutions to reduce costs, increase energy efficiency and expand human skills and capabilities sector-wide. The program is also strategically aligned with SIDF’s aim to enabling Saudi Arabia’s transformation to become an industrial powerhouse and a global logistics hub.

Schneider Electric has signed a memorandum of understanding (MoU) with the Saudi Industrial Development Fund (SIDF) to accelerate technology adoption in the Kingdom’s industrial sector. Under the partnership, Schneider Electric will bring its expertise to SIDF’s Tanafusiya program, which aims to enable industrial manufacturers to increase their energy efficiency, reduce their energy costs as the Kingdom aims for net-zero status by 2060.

Through this new collaboration, Schneider Electric and SIDF aim to create added value across Saudi Arabia’s dynamic industrial ecosystem. This will be achieved by providing factories with better access to financing and technical solutions to reduce costs, increase energy efficiency and expand human skills and capabilities sector-wide.

Dr. Ibrahim bin Saad Al Mojel, CEO of the Saudi Industrial Development Fund, said: “We welcome Schneider Electric to our group of service providers to the Tanafusiya program. This program is representative of our reception and acknowledgement of the private sector and marks significant integration between the public and private sectors. We expect Schneider Electric to add great value to the program through supporting industrial facilities with digital solutions.”

The Tanafusiya program is tailored to deliver on the Kingdom’s national transformation goals by spearheading digital transformation and energy efficiency in the manufacturing sector. The program provides financing solutions to support the improvement of the current industrial base through technology and digitization to enable manufactures reduce costs and increase energy efficiency to achieve; national transformation in the industrial base and build the required local capacities of individuals companies.

Oseid Fagih, Vice President, End Users & Industry, Schneider Electric, said: “Saudi Arabia has commendably allowed the private sector to increase industrial productivity by adopting the tools, technologies and technical skills needed to cut costs, boost output and improve energy efficiency. We are pleased to enter into a new partnership with the Saudi Industrial Development Fund to support the Tanafusiya program. It aligns perfectly with our mission to lead the digital transformation of energy management in manufacturing, and we look forward to working closely on this project in the coming months.”

The program is also strategically aligned with SIDF’s aim to enabling Saudi Arabia’s transformation to become an industrial powerhouse and a global logistics hub.