GE annual performance 2009
In the company’s recently published 2009 Annual Report, business in GE’s emerging markets – the Middle East being key – is and will remain to be an important contributor to the company’s growth. Today GE has business of $38 billion in growth markets which contribute to about 40% of its industrial revenue.
Nabil Habayeb, President & CEO, GE Middle East and Africa, said that the Middle East has always been a vibrant and important region for GE. “Our “company to country” approach towards the region includes initiatives that focus on sharing capabilities in innovation, technology and expertise; as well as co-investing in various economic development projects,” he said.
As part of GE’s ecomagination initiative, the company is increasing its level of investment in clean technologies to more than $1.5 billion by 2010. Since 2001, GE has made capital investments totaling to $330 million to expand its four global research centers and strengthened employment at the Niskayuna, New York, facility by 15 percent in the same period.
In 2009, GE’s Middle East and Africa operations posted a revenue of $10 bn. Immelt visited the region in January where he announced plans to increase that by 10-15 percent per year as we aim to capitalize on the region’s increasing investments in infrastructure, healthcare and renewable energy.