Saudi Electricity Company Installs Over 10m Smart Electric Meters

Saudi Electricity Company (SPA)
Saudi Electricity Company (SPA)
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Saudi Electricity Company Installs Over 10m Smart Electric Meters

Saudi Electricity Company (SPA)
Saudi Electricity Company (SPA)

Saudi Electricity Company (SEC) has installed 10 million smart electricity meters all over the Kingdom, of which four million were built from locally manufactured components.

Customers will be able to take advantage of SMP features after all three phases of the project have been completed: meter replacement, telecommunications connection, and billing tie-in.

Last year, SEC announced that the project to install smart electricity meters is going according to plan where the mechanical meters were replaced with smart ones, without any additional charges to customers.

The meters conform to the best local and international technical standards and specifications.

Smart meters fully automate the reading/billing process and enables the customer to examine and monitor their consumption in almost real-time with granular detail and optimize their consumption patterns for maximum efficiency.

The company said its huge project was accomplished in record time, not exceeding 14 months.

CEO of SEC Fahd al-Sudairi said with the installation of the 10 millionth meter, the company would have completed installing and replacing the mechanical meters with smart ones, pointing out that the customer will gradually detect the benefit from the services provided by smart meters.

Sudairi expressed the company’s happiness for accomplishing the project on time, despite the difficult and extraordinary circumstances the Kingdom and the world witnessed due to the COVID-19 pandemic.

The CEO asserted that the project meets the ambitions of SEC to serve its customers, pointing out that the smart meters and their technological and communication systems are resistant to the various climatic conditions.

Smart meters are the company’s most important project towards digital transformation, and it is the pivot for its strategy aiming to raise the standard of services for the better, according to Sudairi.

Smart meters are ruggedly built devices designed to withstand temperatures ranging from as high as 75° C to as low as -10° C. They are impervious to rainwater, dust, and humidity.



Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.