Riyadh, Saudi Arabia — (METERING.COM) — June 6, 2013
Saudi Arabia based Advanced Electronics Company (AEC), the merchant co-development bank ICT Europe and energy company Enel have signed a Memorandum of Understanding aimed at smart grid area implementation within Saudi Arabia other Gulf Cooperation Countries (GCC) including Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
The collaboration is a response to the Saudi Arabia Kingdom’s plan to embrace the smart grid technology, with the prime focus on delivering world class performance in smart grids and power distribution capabilities. This should also further strengthen the region’s energy security as all GCCs currently depend mostly on fossil fuels for their energy needs.
The MoU will support AEC to increase its technical footprint in the regional power distribution companies, while enabling them to benefit from Enel’s industrial expertise in the energy sector. The collaboration brings together local and international technologies in areas of smart grids, advanced metering infrastructure, network automation, distribution management systems and smart cities.
“It is an important step in the context of expanding our value chain across the region. By joining forces with ICT Europe and Enel we will significantly advance our smart grid solutions,” commented Dr. Ghassan Al-Shibl, president and CEO of AEC. “This MoU will enable fast track transfer of smart grid technology, thus creating job opportunities for national talent, while in the meantime integrating national requirements of regional electricity utility companies and regional renewable energy initiatives such as that headed by King Abdullah City for Atomic and Renewable Energy (K.A.CARE) and the national Electricity Cogeneration Regulatory Authorities (ECRA).”
AEC was established in 1988 under the directives of the Government of Saudi Arabia, and provides modern electronics manufacturing, system integration and repair and maintenance services.