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

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

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.”