(MENAFN - Arab News) The Gulf Cooperation Council Interconnection Authority (GCCIA) has selected the firm Financial Technologies of India to implement its electricity marketing management system in the region.
The Alkhobar-based GCCIA is a joint stock company subscribed by the six Gulf states of Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Qatar, Oman, and Bahrain.
According to the deal, the Indian company will provide its product and customize it to the GCCIA requirements, the Saudi Press Agency reported. The new management system will allow the GCCIA to monitor electric capacity and sign contracts on using interconnection rights as well as related business transactions.
Commenting on the deal, CEO of GCCIA Adnan Al-Mohaisin expressed pleasure over having the Indian firm's technical expertise in implementing world-class energy market solutions.
The system would serve the current needs of power trading, while it was flexible enough to enable growth once the power trade volumes expanded significantly, he said.
For his part, the Financial Technologies chief expressed happiness to contribute in the GCCIA's efforts to provide an efficient energy market to its member states.
The GCCIA was originally set up to link electrical power networks, reduce electrical generation reserve, and improve economic efficiency of electricity power systems in the GCC member countries.