(MENAFN- APCO Worldwide) Dubai, United Arab Emirates, 13 February, 2023: Schneider Electric, a leader in the digital transformation of energy management and automation, has joined forces with IoT Squared, a joint venture company spearheaded by Saudi sovereign wealth fund Public Investment Fund (PIF) and stc (Saudi Telecom Company).
This strategic partnership between IoT Squared and Schneider Electric was signed at LEAP 2023 in Saudi Arabia and paves the way for both entities to tap into the Kingdom’s IoT ecosystem and strengthen existing R&D capabilities.
The agreement was signed by Eng. Othman Al Dahash, CEO of IoT Squared and Mohammed Shaheen, Cluster President, Saudi Arabia and Yemen, Schneider Electric, in the presence of officials and members from both parties.
As per the agreement, Schneider Electric and IoT Squared will cooperate to employ digital solutions in energy management and industrial automation.
Eng. Othman Al Dahash, CEO of IoT Squared said: “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. 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.”
Mohammed Shaheen, Cluster President, Saudi Arabia and Yemen, Schneider Electric said: “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. Our association with IoT Squared is instrumental to furthering our technology capabilities and will demonstrate – in action – the value provided through IoT to drive our digital solutions.
According to International Data Corporation, Saudi Arabia's IoT market is estimated to reach 10.8 billion Saudi riyals ($2.9bn) by 2025.

MENAFN13022023002825012069ID1105563977