GE has announced further support to Saudi Arabia’s Vision 2030, having signed a range of Memorandums of Understanding and projects valued at $15 billion.
The agreements, which involve almost $7 billion of IT goods and services from GE across multiple sectors and partners aimed at bringing the Kingdom a “truly diverse and sustainable economic platform.”
Signed in the presence of King Salman bin Abdulaziz Al Saud, and President of the United States of America, Donald Trump, the agreements cut across the power, healthcare, oil and gas, and mining sectors, providing tangible benefits to both nations.
“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,” said John Rice, vice chairman, GE and president and CEO, GE Global Growth Organisation. “The access to different experiences, cultures and capabilities has been the driving force behind GE’s growing global footprint. 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.”
The initiatives touch upon the key pillars within Saudi Vision 2030, focusing on transforming the nation into a global investment leader and geographic hub and the upscaling of industrial skills and capabilities. The agreements also place significant emphasis on human capital development and the digital transformation across multiple sectors, with the expanded application of GE’s Predix platform, which utilises cloud-based data analytics to better ensure and enhance manufacturing efficiency.
Among the projects, GE will help make Saudi power generation more efficient and provide digital technology to the operations of oil firm Saudi Aramco, aiming to create $4 billion of annual productivity improvements at Aramco. It will cooperate in medical research and training.
Hisham Bahkali, president and CEO Saudi Arabia and Bahrain, GE, 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 realise 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 work force, and we are thrilled to be a part of them.”
With a presence of more than 80 years, three offices and seven facilities, Saudi Arabia accounts for the largest GE workforce in the Middle East, with over 2,000 employees across the aviation, healthcare, oil & gas, power and digital businesses.
