Riyadh – US manufacturing giant General Electric (GE) asserted that it is committed to fulfilling all of pledges in Saudi Arabia as part of its contribution to Saudi Vision 2030.
GE aims to increase the domestic content, maximize the industrial and productive exports in many fields, along with the transfer of technology.
The US giant said its investments in the Kingdom surged to $4.5 billion, and pledged to implement its different partnerships to diversify the economy and its products’ competitiveness in the global markets.
Hisham Albahkali, president and CEO of GE Saudi Arabia and Bahrain told Asharq Al-Awsat that the company is keen to nationalize its businesses in accordance with the local requirements.
It will focus on enhancing the Saudization initiatives, including the empowerment of national industrial potentials, development of human resources, improving technical and administrative expertise of national staff through specialized educational and training programs. This includes cooperation with the best universities and academic institutions in the Kingdom.
He added that GE has investments worth billions of riyals in the most vital sectors, like gas and oil, energy and aviation, and healt care and digital technologies.
Those investments are a chance to improve the rates of efficiency and productivity in all industries, he said.
Albahkali stressed that during US President Donald Trump’s visit to Saudi Arabia in May, many memorandums of understanding were signed to implement diversified projects worth $15 billion.
Seven billion of which has been allocated to buy technologies and solutions from the company in vital sectors that will support the proposed developmental plans in different fields, which according to Albahkali, emphasize the company’s eagerness in accomplishing the commitments it has shouldered in the Kingdom.
For 80 years, GE has been considered among the major partners in Saudi Arabia and today, it continues to transfer many of its technologies and businesses to the kingdom, he continued.
Albahkali explained that GE’s commitment in supporting Saudi Vision 2030 focuses on the transfer of technology and knowledge, economic diversity, increase of productivity and efficiency, enhancement of capacities.