RIYADH: Saudi Public Investment Fund-owned Internet of Things Technologies Co., known as iot squared, has partnered with energy automation firm Schneider Electric to tap into the Kingdom’s IoT ecosystem and strengthen its existing R&D capabilities.
As per the agreement, Schneider Electric and iot squared, a joint venture between the Saudi sovereign wealth fund and Saudi Telecom Co., or stc, will cooperate to employ digital solutions in energy management and industrial automation.
The agreement was signed by Othman Al Dahash, CEO of iot squared and Mohammed Shaheen, cluster president, Saudi Arabia and Yemen, Schneider Electric, during the LEAP 2023 technology event held earlier this month in Riyadh.
“The rise in digital transformation we are witnessing in the Kingdom currently is majorly driven by Internet of Things, an emerging technology which has demonstrated capabilities to resolve issues and tackle opportunities in the energy and automation sector,” said Al Dahash.
He said the partnership with Schneider Electric will help enhance digital solutions across many areas, including energy management and industrial automation, and will contribute towards the Kingdom’s overarching goals.
Saudi Arabia is pushing to develop its tech capabilities as part of Vision 2030 as the Kingdom’s IoT market is estimated to reach SR10.8 billion ($2.9b billion) by 2025, according to International Data Corp..
“Through our association with iot squared, we aim to cater to the Kingdom’s vision to advance our adoption of emerging technologies and use digitalization as a catalyst to accelerate our sustainability efforts,” said Shaheen of Schneider Electric.
He said the association with the IoT firm is instrumental to furthering their technology capabilities, adding that this will demonstrate – in action – the value provided through IoT to drive digital solutions.