Saudi Arabia and GE announce MoUs and agreements worth $15 billion in industrial project development and cross-sector capacity building
When the government of Saudi Arabia announced the country’s Vision 2030 in mid-2016, the onus for supporting the nation in delivering on its ambitions fell upon all parties, including the private sector.
Building on its more than 80 years of partnership and experience in the Kingdom, GE has taken significant steps in helping drive the delivery of the vision, today announcing a range of Memorandums of Understanding and projects aimed at creating a truly diverse and sustainable economic platform.
With a value of $15 billion, of which almost $7 billion are GE technology and solutions, the agreements serve to further cement GE’s status as a truly local, global company in the Kingdom.
John Rice, Vice Chairman of GE and President and CEO of GE Global Growth Organization, said: “The steps we have taken to grow our business globally, to embed a culture of innovation and collaboration both within GE and with our customers, would simply not be possible without these types of partnerships. The access to different experiences, cultures, and capabilities has been the driving force behind GE’s growing global footprint.”
Energy sustainability has been and remains a priority, and GE will be partnering with the Saudi Ministry of Energy, Industry and Mineral Resources [MEIM], Saudi Aramco, Dussur [formerly the Saudi Arabian Industrial Investments Company], and Ma’aden to significantly elevate power generation capabilities; provide a large-scale boost to the global industrial supply chain; and introduce massive productivity and efficiency savings through digital solutions in both the oil and gas and mining sectors.
“We view Saudi Vision 2030 as more than a national one; it is ours to deliver as well. We are part of the transformation process and proud to have been the first global company to show commitment to the Vision in 2016. We have to remember that with the global interconnectivity of industry, collaboration is no longer an advantage but a necessity, and ensuring mutually beneficial partnerships, as we have through these agreements, is a source of great pride for myself and GE,” continued John.
The transformation of the healthcare industry is a main priority of the government, which is looking to offer services and research capabilities on par with leading nations in healthcare around the world.
Through five different partnerships with King Faisal Specialist Hospital [KFSH], Dr. Suliman Habib Medical Group, the Saudi Telecom Company [STC], King Fahad Medical City [KFMC] and the Saudi Industrial Clusters Development Program [NICDP] respectively, GE is providing expertise, equipment and cutting-edge digital solutions to ramp-up national healthcare competencies.
Hisham Bahkali, President & CEO, GE Saudi Arabia, and Bahrain, said: “While the scale of projects and numbers announced today are truly remarkable, perhaps the greatest benefit will come from the impact on people. Saudi Vision 2030 is very clear: a strong and empowered local workforce is a must to realize the potential and long-term viability of the vision. These projects will not only create thousands of job opportunities in the Kingdom but will also see the training, development and upskilling of thousands more Saudi men and women. Our MoU with SMEA is a prime indicator of the exceptional potential evident within all facets of the business community, and the many opportunities that will be available through the development of the local supplier ecosystem. The agreements we sign today are vital to the stimulation of the workforce, and we are thrilled to be a part of them.