General Electric plans to raise investments in Saudi Arabia

Has plans to increase its investments in Saudi Arabia, according to Nabil A Habayeb, GE president and CEO for the Middle East and Africa.

Habayeb said that GE, which has a strong presence in the Kingdom and elsewhere in the region, especially in oil, gas and electricity sectors, was now focusing more on expanding company interests in the water, security and health care sectors.

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According to him, GE's revenue from the Middle East is set to rise by15 to 20 per cent annually through 2010 based on demand for electricity, transportation and health care. He said that sales from the region are expected to rise to $3.4 billion this year, more than triple the $1billion in 2002.

He added that the Kingdom was a strategic market for GE, as it has huge development plans, and stressed that the company will be a partner in both of its public and private sectors with new investment strategies.

"We focus a lot on partnerships globally and especially in this part of the world with an eye on key industries," said Habayeb who was accompanied during his recent visit by Ali Hakami, president, GE-Saudi Arabia.

GE is involved in providing turbines for power plants, medical imaging equipment, locomotives and private-label credit cards, real estate, security plastics and appliances.

In Saudi Arabia, planned public infrastructure would require a $624 billion investment by 2020, and GE's revenue will double to $800 million this year from 2002. In the UAE, revenue should rise to $1.1 billion from $200 million four years ago.

GE Energy recently marked the operating debut of the advanced F technology at the Uthmaniyah Cogeneration Plant in Saudi Arabia. These were the first F technology machines to enter service in the Kingdom.

Part of GE's wide ranging portfolio in the Kingdom includes GE Healthcare, which specialises in diagnostic and imaging equipment, patient monitoring and data systems and networked storage systems and software for health care professionals.

GE Healthcare has been in the Kingdom for the last 25 years together with partner El Seif Development Co. It has invested several million dollars in the Kingdom's three strategic service support centres in Riyadh, Jeddah and Dammam.

According to Habayeb, Saudi Arabia accounted for $837 million in revenues in 2005, recording an average growth rate of 30 percent in the last three years.

In information provided to Khaleej Times here he said GE aims to provide market-driven, customer-focused innovations that delivers total solutions for its customers.