Saudi Public Investment Fund (PIF) backed IoT Squared and Schneider Electric have entered into a strategic agreement to build an economy that is electrified, decarbonised, and digitised.
The partnership was signed at LEAP 2023 in Saudi Arabia by Othman Al Dahash, CEO of IoT Squared and Mohammed Shaheen, Cluster President, Saudi Arabia and Yemen, Schneider Electric.
Both firms will cooperate to operate and employ digital solutions in entry management and industrial automation, as per the agreement.
“The rise in digital transformation we are witnessing in the kingdom currently is majorly driven by Internet of Things (IoT), 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,” said Othman Al Dahash, CEO of IoT Squared.
“Through our association with IoT Squared, we aim to cater to the kingdom’s vision to advance our adoption of emerging technologies and use digitalisation 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,” said Mohammed Shaheen, Cluster President, Saudi Arabia and Yemen, Schneider Electric.
According to International Data Corporation, Saudi Arabia’s IoT market is estimated to reach SAR10.8 billion by 2025.
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