GE inks Saudi economic cities tech deal
Jeddah, June 10, 2010
General Electric (GE) has signed an agreement with the Saudi Arabian General Investment Authority (Sagia), to pilot its innovative technologies within the Economic Cities in the kingdom.
GE’s path-breaking research and development (R&D) and manufacturing initiatives in Saudi Arabia will help address the key challenges of water scarcity, energy efficiency and affordable healthcare faced by the kingdom.
Apart from GE’s in-house R&D efforts, these initiatives are also developed in partnership with leading educational institutions such as the King Fahd University of Petroleum & Minerals (KFUPM) and other leading R&D entities in the kingdom.
GE had also signed recently a major agreement with the Ministry of Commerce and Industry to drive manufacturing and co-investments in the industrial sector of the kingdom.
“The Economic Cities are being envisaged as growth engines that maximise investment potential and deliver huge advantage to businesses in the Kingdom. They also highlight our vision to become one of the most competitive economies in the world,” said Amr Al-Dabbagh, governor and chairman of the board of Sagia.
GE will partner with Sagia in providing sustainable development support in three key areas – healthcare, power and water. This complements the ecomagination and healthymagination initiatives of GE.
“The Economic Cities, led and facilitated by Sagia, are socio-economic catalysts and will become the hubs of the Kingdom’s growth in the next decade,” added Nabil Habayeb, president & chief executive, GE Middle East and Africa.-TradeArabia News Service