Swiss power grid maker ABB is "ideally positioned" to support Saudi Arabia's transformative bid to become a more environmentally friendly nation, Chief Executive Ulrich Spiesshofer told CNBC Wednesday.
Speaking at Riyadh's Future Investment Summit, Spiesshofer said, "Saudi is truly transforming the energy system."
"Renewables will play a major role, major plans on the solar side have been announced, wind will follow … That requires smarter, greener and more digitalized grids to manage the complexity and we are really working there," he added.
The kingdom aims to raise about $100 billion by taking a portion of its state oil giant Saudi Aramco public next year. The funds will underwrite an effort led by Crown Prince Mohammed bin Salman to diversify the nation's economy through a plan called Vision 2030.