French energy provider Engie has revealed plans to invest a further $6.34 billion and expand its workforce to over 5,000 employees in Saudi Arabia by 2025.
Despite delays as a result of the coronavirus pandemic, Engie said it has managed to keep its expansion in the kingdom on track building its asset and project value to over $8 billion.
In 2019, the low-carbon energy and service solution provider expanded its presence in Saudi Arabia by establishing a dedicated holding company to bring all the group’s assets in the kingdom under one umbrella.
Engie appointed Turki Al Shehri as CEO to manage the local office and in the past 12 months has secured nine new contracts for projects in facilities management, a seawater reverse osmosis plant and projects for the provision of energy services through its service providers and in partnership with Saudi actors.
Turki Al Shehri, CEO of ENGIE in Saudi Arabia
These new projects add $944 million to the company’s existing portfolio of projects and assets, making Engie a 10 percent provider of electricity and an 11 percent provider of potable water in Saudi Arabia.
The company has also hired 62 new employees bringing the total of Engie staff in the kingdom to 2,000, with its most recent acquisition of Saudi-based facilities management firm, Allied Maintenance Company (AMC) adding 1,300 employees to the workforce.
Engie said it plans to expand its workforce to over 5,000 employees by 2025 with new hires joining various service providers and project development entities across the kingdom.
In September, the Saudi Arabian General Investment Authority (SAGIA) awarded six investment licences for investments worth over $240 million at the World Energy Congress in Abu Dhabi.
The licences – awarded to businesses in solar energy development, manufacturing and energy efficiency – included two to Engie.
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