General Electric announces support for Saudi Arabian initiatives

By Sumit Modi

GE has stated that it will be supporting the goals of the Saudi Vision 2030 by executing new strategic partnerships and localization initiatives, to enhance the transformational growth of the Kingdom. 

The Saudi Vision 2030 has been approved by the Custodian of the Two Holy Mosques HRH King Salman bin Abdulaziz Al-Sand and endorsed by the Saudi Cabinet, and is intended to support economic and industrual diversification, creation of quality jobs, productivity, and efficiency across various sectors. There is a focus on local and female employment for this venture, whilst simultanously ensuring that the country gains traction on a global scale.

Deepening its partnerships to help achieve the goals of Saudi Vision 2030, GE is collaborating with the Saudi Arabian Industrial Investments Company (SAIIC) to develop joint ventures that will expand and localize industrial value chains in Saudi Arabia, to serve the domestic market and beyond.

GE is also partnering with Saudi Aramco, Cividale SpA, Middle East Propulsion Company, Saudi Industrial Property Authority, Prince Mohammed bin Salman bin Abdulaziz Al-Saud Foundation, Asharqia Chamber, National Industrial Clusters Development Program, Dr. Sulaiman Al Habib Medical Group, and SaudiVax in the new initiatives.

The initiatives were announced by GE's Chairman and CEO Jeffrey Immelt at visit to the Kingdom, during which he underlined GE's commitment to Saudi Arabia’s socio-economic progress under the new development strategy, which aims to position the country as a strategic global hub that serves the three continents of Asia, Africa and Europe.

Immelt said: “We are a committed partner in supporting the Kingdom’s transformational and diversified growth, underscored by our 80 years of presence in Saudi Arabia. Our roots are deep, and today with our partners, we are growing in a new and visionary way. Together, we will create quality jobs for Saudi youth, help build a robust SME chain, boost exports, enhance economic competitiveness, and support the vision and aspirations of Saudi Arabia. New sustainable and equitable opportunities as well as strong business outcomes will flourish under these initiatives.”

 

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