COUNCIL OF SAUDI CHAMBERS: CSC and Saudi Electricity Company Sign MoU on Local Content

Council of Saudi Chambers

Council of Saudi Chambers issued the following announcement on March 5.

The Council of Saudi Chambers (CSC) signed a memorandum of understanding with the Saudi Electricity Company during the Armed Forces Exhibition for Diversity of Requirements and Capabilities 2018 (AFED) in Riyadh, which entails forming a strategic partnership to increase local industrial content in line with the Saudi Vision 2030. CSC board member Eng. Tariq Al Haidari and Senior Vice President of Supply and Contracts at the Saudi Electricity Company Sulaiman bin Ibrahim Al Hubeishi signed the MoU on Saturday, March 3, with attendance of General Director of the Department for Local Manufacturing Support at the Ministry of Defense Eng. Atiyah Al Maleki.

Eng. Al Haidari noted the significance of the MoU to the Saudi business community, particularly the industrial sector, praising the Saudi Electricity Company for their efforts in this regard. He said the cooperation between CSC and the Saudi Electricity Company stems from their role in enhancing national economy, especially as CSC acts as the umbrella for the private sector whereas the Saudi Electricity Company is a leader in the industrial sector and generates multiple job opportunities.

Representing CSC in the MoU is the initiative to increase local industrial content, and the Saudi Electricity Company with the Localization and Qualification Department. The latter aims at developing and implementing plans to localize industries and services relevant to electric power.

The MoU seeks to enhance cooperation between the two sides on increasing private investments in the industrial sector and fostering the overall value-added in the sector. To achieve this, CSC and the Saudi Electricity Company will organize relevant workshops, forums, and programs.

The MoU includes 11 items, which include working together to achieve a turning point for local industrial content, enabling local factories to increase local content, launching projects that serve mutual interests and support economic diversification, exploring ways to serve the sector, and enabling the Saudi industrial sector to compete internationally.

The cooperation additionally entails that the Saudi Electricity Company provides CSC with investment opportunities to include in its e-platform (Opportunities 2030). In addition to CSC organizing workshops, forums, and exhibitions at Chambers of Commerce across the Kingdom to introduce said investment opportunities and shed light on local content and suppliers, and adopting initiatives to elevate the industrial sector and increase local content in the public and private sectors.

CSC and the Saudi Electricity Company both wish for this strategic partnership to bridge their experiences in serving the local industrial content and realizing the Kingdom’s endeavors in this regard

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