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GE signs deals worth US$15bn for projects in Saudi Arabia

Saudi Arabia accounts for the largest GE workforce in the Middle East, with over 2,000 employees driving the aviation, healthcare, oil and gas, power and digital businesses. (Image source: Jonathan Weiss/Shutterstock)

GE has taken significant steps in supporting the delivery of Saudi Vision 2030, by announcing in partnership with the kingdom a range of MoUs and projects valued at US$15bn, of which almost US$7bn are GE technology and solutions across multiple sectors

Signed in the presence of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and President of the USA, Donald Trump, the agreements cut across the power, healthcare, oil and gas, and mining sectors, providing tangible benefits to both nations.

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 upscale 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.

John Rice, vice-chairman of GE and president and CEO of GE Global Growth Organization, said, ?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.?

Redefining Energy: Partnerships to drive productivity and efficiency

Energy sustainability has been and remains a priority, and GE will be partnering with the Saudi Ministry of Energy, Industry and Mineral Resources, Saudi Aramco, Dussur 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.

? Dussur and GE: Focusing on the enhancement of local manufacturing capabilities at the GE Manufacturing and Technology Center (GEMTEC) in Dammam, the joint venture will have a significant impact on both economies ? Saudi Arabia and the US ?allowing for a major scaling up of the global industrial supply chain for the energy industry. The investment from Dussur in GEMTEC is a testament to GE?s commitment to advance and transform industry, beginning with the opening of phase 1 of GEMTEC in 2012 ? the company?s largest heavy-duty gas turbine repair facility worldwide? and building on it through GEMTEC phase 2 in a bid to further support local, regional and global development.

? Ma?aden and GE: The mining sector in Saudi Arabia is led by the Saudi Arabian Mining Company, Ma?aden. GE?s partnership with Ma?aden will see the application of GE?s Digital Solutions, which will support the business in adapting to decreasing ore grades; reducing high energy and fuel costs; improving equipment reliability and availability; reducing maintenance costs and increasing overall productivity and efficiency.

The collaboration will also work towards digital transformation of healthcare services and development of biopharmaceutical capabilities in the kingdom.

Hisham Bahkali, president and CEO Saudi Arabia and Bahrain, GE, said, ?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.?