Riyadh - Mubasher: Saudi Energy Company has finalized agreements with Kraken Technologies Limited to establish a joint venture (JV) headquartered in Riyadh, according to the Saudi Press Agency (SPA).
Under the partnership agreement, Saudi Energy will acquire a minority equity stake in Kraken, backing its AI-driven digital innovation strategy to develop advanced operating platforms for the energy and utilities sectors.
The Tadawul-listed group aims to enhance operational efficiency, back organizational resilience, and drive long-term sustainable growth.
The new JV will serve as the exclusive distributor of Kraken’s operating platform across the MENA region. It will focus on developing regional expertise, creating job opportunities in energy and digital technology, and accelerating digital transformation within the sector.
This partnership reflects Saudi Energy’s commitment to integrating advanced digital technologies and enhancing the readiness of the electricity system both domestically and regionally.
Kraken is a cloud-based platform tailored for utility providers, offering end-to-end capabilities across customer management, billing, service operations, data analytics, and smart systems.
The platform currently serves over 70 million accounts worldwide and is active in more than 27 countries.
In 2025, Saudi Energy logged profits attributable to shareholders valued at SAR 12.97 billion, up 88.95% year-on-year (YoY) from SAR 6.86 billion.
