Saudi Arabia targets sustainable growth with GE

For over 70 years, GE has been a major industrial player in Saudi Arabia — delivering a range of heavy machinery, major infrastructure projects and services in energy, water, transportation and healthcare. Yesterday, that relationship moved to a new level with the signing of a Memorandum of Understanding, or MOU, that’s designed to strengthen the country’s manufacturing sector and put it on a path to sustainable economic development by further diversifying its economy. Part of GE’s “company to country” strategy, the strategic partnership will focus on helping Saudi Arabia meet its development goals through industrialization, research and education, and creating new jobs for Saudi nationals. As U.S. Ambassador to Saudi Arabia James B. Smith says in the video below: “They [Saudi leaders] have rolled out an industrialization strategy to move Saudi Arabia to a knowledge-based economy. I know of no company that’s better positioned to help them do that than GE.”

As part of the MOU, GE will explore manufacturing opportunities in the country for local and export markets and potentially partner with Saudi Arabia on international development projects — with a focus on Africa and the Islamic world. In addition, GE will provide expertise in the establishment of a world-class export development fund and stress-test Saudi Arabia’s National Industrial Strategy — which is a $16 billion project being launched next month that will strengthen its manufacturing sector and double the industrial output of the country’s GDP.

From the top: In the video above, Nabil Habayeb, President & CEO, GE Middle East and Africa, provides an informal overview of GE’s work in the region as part of our “Meet GE” series of employee stories. Meet more GE people at http://www.ge.com/meetge/.

The agreement was signed at the U.S.-Saudi Business Forum, which concludes today in Chicago. The gathering of more than 200 attendees brings together leading entrepreneurs, top U.S. and Saudi government officials and civic leaders to enhance cooperation in a range of sectors including energy, finance & investment, agriculture and information technology.

As Ferdinando Beccalli-Falco, President & CEO of GE International, said: “The Kingdom’s multipronged development approach emphasizes education, research and industrialization — areas where GE can make a tangible difference.”

The video below provides an overview of GE’s work in the country:

* Read the announcement
* Read coverage in the Chicago Tribune
* Learn more about our work in Saudi Arabia

Learn more in these GE Reports stories:
* “China deals span coal, high-speed rail & locomotives”
* “GE & Kazakhstan ink major rail service & plant deals”
* “Pakistan boosts energy & infrastructure for 2020 goals”
* “GE and Nigeria ink landmark infrastructure agreement”
* “GE to supply $1B of gas turbines to Saudi Arabia“