Al Sharif Group Holding signs a memorandum of understanding with Siemens Energy
Al Sharif Group Holding (ASG) announced the signing of an agreement with Siemens Energy to implement projects related to high-voltage and ultra-high-voltage transmission systems, high-voltage direct current (HVDC) substations, as well as electronic systems projects aimed at improving energy flows in transmission and distribution networks, reducing energy losses, and stabilizing electrical currents.
This agreement includes cooperation between ASG, Siemens Energy HQ and Siemens Energy Saudi Arabia to carry out projects related to power transmission systems and high-voltage and ultra-high-voltage substations, as well as HVDC transmission projects, stability enhancement technologies, and synchronous condenser units in the Middle East. Additionally, the HVDC converter modules will be assembled locally in Siemens Energy’s facilities in the Kingdom of Saudi Arabia.
In this context, CEO of ASG, Al Sharif Nawaf Faiez, stated: “We are pleased to sign this agreement with Siemens Energy, which reflects our firm commitment to enhancing the energy infrastructure in the Kingdom and the region. Through this partnership, we aim to provide innovative solutions and localize industries, contributing to achieving the goals of Vision 2030.”
On his part, Elyes San-Haji, Vice-President Grid Technologies Siemens Energy Middle East, expressed his happiness with this partnership, stating: “The Kingdom of Saudi Arabia is an important and strategic market for us, and we are committed to contributing to the development of the energy infrastructure in collaboration with our local partners. We look forward to achieving new milestones through these agreements, and we believe that technology transfer and localizing industries in the Kingdom will play a crucial role in achieving sustainable growth goals.”
It is worth mentioning that Al Sharif Group Holding (ASG), headquartered in Jeddah, was founded in 1980. The group comprises several companies that were established as its projects expanded, eventually providing comprehensive energy solutions. These solutions range from manufacturing and assembly to operation. So far, ASG has successfully executed a wide range of projects to enhance the energy sector’s infrastructure. Additionally, the group aims to strengthen its expertise in energy contracting and to become a model in both local and global investment.
