Shaker Group’s ESCO Signs Saudi MoU with “SIGNIFY” the new company of Philips Lighting

Shaker Group (the “Company” or the “Group”), the leading importer, manufacturer and distributor of Air Conditioners and Home appliances in Saudi Arabia, has signed a Memorandum of Understanding (“MoU”), with Signify, the new company of Philips Lighting, which is the global leader in lighting. In line with its strategy to expand its energy efficient products and services, the MoU was signed with Shaker Group’s subsidiary, Energy Services Company (ESCO), a rapidly growing business that specializes in energy efficiency solutions. The MoU will harness the expertise and resources of both ESCO and Signify, to deliver efficiency studies and retrofitting across Saudi Arabia, with a focus on LED lighting solutions. 

The Saudi government has committed over SAR 2 billion to energy efficiency projects across the Kingdom. Driven by the country’s energy efficiency agenda, Signify’s role within the MoU will be to provide direct support to ESCO projects through systems and technologies, creating synergy between an industry-leading global player and an established local company.

Eng. Azzam Saud Almudaiheem, Chief Executive Officer at Shaker Group, commented:

“ESCO and Signify, the new company of Philips Lighting are working hand in hand to support the Kingdom’s energy efficiency agenda, which is an important part of our country’s wider socioeconomic programme. Through this strategic partnership, we aim to achieve the highest level of energy efficiency in government-owned and commercial buildings, by carefully evaluating requirements and fitting best-in-class products. Our aim is to deliver nothing less than a global standard across projects, and we are certain that our local expertise, combined with Signify’s unrivalled experience in delivering energy efficient systems, will prove to be a great success.”

In 2017, ESCO was awarded the Saudi Energy Efficiency Centre’s (SEEC) Certificate of Qualification – making it the first private sector company in the Kingdom to receive such accreditation. The SEEC qualification provides the company with a license to assess engineering services for efficiency standards, lead on energy efficiency project management, conduct data and building audits, and measure and verify services.

“The receipt of our SEEC accreditation is testament to our business’ track record in delivering on a number of distinguished and environmentally-friendly projects, and we look forward to working together with Signify in helping drive further momentum. At Group level, we have identified a clear opportunity in the efficiency space, with utilities tariffs increasing, and businesses and homeowners looking to reduce their energy spend. We’re in a good position to utilize both our experience and our technology, to take full advantage of this scenario.” continued Eng. Almudaiheem.

Mr. Alaa Ameen, CEO of Signify Saudi Arabia, commented on the MoU:

"We provide a full range of innovative energy efficient systems and solutions in Saudi Arabia, and look forward to benefitting from our MoU with Shaker Group, in direct support of the Government’s ‘Tarsheed’ programme, which has the objective of increasing and boosting energy efficiency in the Kingdom.”

Signify, became the new company of Philips Lighting on May 16, 2018. The legal name of Signify will be adapted in KSA in the course of January 2019.

Globally, the company employs around 32,000 people with operations in more than 70 countries. Signify's global presence enables it to cross-share and leverage its expertise to deliver on customer expectations, while allowing new innovations and ideas to be harnessed throughout the company for brighter lives and a better world.

Shaker Group, which is listed on Tadawul (symbol: SHAKER), is a leader in the Saudi market as both a distributor for international electrical brands, and a local manufacturer of LG Air Conditioners. The Group’s portfolio brands include LG, as well as Indesit, Ariston, Maytag, Midea and Bissell in the home appliances segment. In 2015, Shaker Group increased its stake in the UAE’s Emirates Energy Management Services (EMS) from 20% to 74%, and in establishing ESCO took an important strategic step towards diversifying the Group’s operations and revenue streams.