Voltamp Energy to set up $10m transformer project in Saudi Arabia

20 February 2024
Voltamp Energy to set up $10m transformer project in Saudi Arabia

In a strategic move, Oman's Voltamp Energy Company and Saudi Arabia's Al Sharif Holding Group have announced a partnership to establish a high-voltage power transformer production plant in the Kingdom. The agreement, signed under the auspices of HH Sayyid Faisal bin Turki al Said, Oman's Ambassador to Saudi Arabia, marks a significant $10 million investment aimed at powering the Kingdom's grid with locally-made transformers.

Branded as 'Saudi Voltamp,' the factory will be strategically located in the Western Region near Jeddah. The first phase, targeted for completion by 2025, will focus on manufacturing 132 kV transformers on a sprawling 27,000 m2 site. To meet the Kingdom's growing energy demands, the second phase, envisioned for 2027, will see the factory expand to 45,000 m2, ramping up production to include powerful 380 kV transformers.

This landmark partnership aligns seamlessly with both nations' ambitious visions. It dovetails with Oman's Vision 2040, which prioritizes economic diversification and international collaboration. For Saudi Arabia, the project aligns with Vision 2030's goals of fostering domestic industry and building a thriving economy.

"This strategic partnership signifies a pivotal moment in our journey to expand into international markets," expressed Ayman bin Hamad al Busaidi, Chairman of Voltamp Energy. "We are confident that our collaboration with Al-Sharif Holding Group will not only benefit both companies but also contribute to the wider objectives of Oman and Saudi Arabia."

Echoing the sentiment, Al-Sharif Nawaf bin Fayez, CEO of Al-Sharif Holding Group, emphasized, "This joint venture marks a significant step towards achieving our industrial expansion goals and meeting the Kingdom's growing demand for high-voltage transformers. We are proud to partner with Voltamp Energy and contribute to Saudi Arabia's economic diversification and Vision 2030 aspirations."

The signing ceremony, held at the Al Faisaliah Hotel in Riyadh, is a testament to the strong ties between Oman and Saudi Arabia. The event witnessed the participation of dignitaries from both countries, including representatives from the Saudi Ministry of Investment, General Authority for Foreign Trade, Local Content Authority, and Saudi Electricity Company.