GE to support Kingdom\'s vision for sustainable growth

GE to support Kingdom's vision for sustainable growth

April 29, 2010 at 10:04am

From Left to right: First row:Abdullah Al-Hamoudi, Deputy Minister for Foreign Trade, Ministry of Commerce and Industry, Kingdom of Saudi Arabia, Nabil Habayeb, President & CEO, GE Middle East & Africa
Second row: H.E. Abdullah Alireza, Minister of Commerce and Industry, Kingdom of Saudi Arabia,The Honorable General James B. Smith, United States Ambassador to the Kingdom of Saudi Arabia, Ferdinando “Nani” Beccalli-Falco, President and CEO, GE International

GE has long been committed to growing its business by innovating to meet the urgent energy, water, healthcare, financial, and infrastructure needs of people around the world, especially in growth markets. Investing accordingly in the foundations of emerging economies has always been a crucial element to GE’s business plan. Needless to say, government collaboration plays a key role in facilitating such activities.

GE’s recent strategic partnership with Saudi Arabia is in line with its “company-to-country” approach. The MoU that was signed with Saudi Arabia’s Ministry of Commerce & Industry at the US-Saudi Business Opportunities Forum in Chicago, underscores GE’s commitment to the Kingdom’s long-term growth plans and further strengthens it’s 70-year relationship with the country.

The Ministry of Commerce & Industry, is responsible for economic diversification in the Kingdom through industrialisation andwill launch the US$ 16 billion National Industrial Strategy in May this year to strengthen the Kingdom’s manufacturing sector and double the industrial output of the GDP.

As a result of the MoU with the Saudi government, GE will explore manufacturing opportunities in the Kingdom for local and export markets. Also, both will potentially partner on international development projects in Africa and the Islamic world.

GE’s company-to-country strategy aims at contributing to the Kingdom’s sustainable growth and competitiveness by investing and sharing competencies, technology and knowledge transfer, and creation of skilled industrial and technical jobs in the following industries; energy, healthcare, transportation and water, in alignment with the National Industrial Strategy of Saudi Arabia.

Read full story here.
Read more about GE in Saudi Arabia, here.

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