- Roll-out of over US$1 billion joint investments over the next year followed by potential investment of US$2 billion in oil & gas, power & water, aviation, digital and other sectors from 2017
- Projects to contribute to transformation of Saudi economy through industrial diversification, value chain localization, strengthening private sector and SME investment and creating quality jobs for Saudi nationals
Jeddah, Saudi Arabia; May 23, 2016: Saudi Arabian Industrial Investments Company (SAIIC) and GE (NYSE: GE) have signed a Memorandum of Understanding (MoU) to co-invest in strategic sectors that will help develop and localize industrial value chains in Saudi Arabia to serve the domestic market and beyond.
Joint investments of US$1 billion (SAR3.75 billion), will be rolled out by 2017, in addition to an aggregate potential investment of US$2 billion (SAR7.5 billion) to drive projects in water, energy, aviation, digital and other sectors from 2017.
Complementing the goals of Saudi Vision 2030, the overarching aim of the agreement is to establish transformative projects that will promote industrial diversification, deepen manufacturing capabilities in the Kingdom, build industrial know-how and create quality jobs for Saudi nationals. This will be through joint ventures in advanced manufacturing facilities in the Kingdom as well as by developing emerging digital and other industrial technological capabilities in Saudi Arabia.
SAIIC and GE will also co-develop wide-ranging digital industrial applications and solutions that aim to foster home-grown digital innovation. The software solutions will cover data visualization, big data management, and data analytics, among others.
H.E. Eng. Abdullatif Al-Othman, SAIIC Chairman of the Board, said: “This agreement with GE to form joint ventures and co-invest in strategic, high-growth industrial and digital sectors, is at the core of SAIIC’s mission and supports the Saudi Vision 2030 to strengthen the Kingdom’s economic diversification. SAIIC’s mandate is to invest in and establish strategic industrial value chains in Saudi Arabia that promote the development of local manufacturing capabilities, quality jobs and attract new technologies and investments. This strategic alliance with GE is an ideal fit to deliver on these goals, and together we will contribute to the long-term economic competitiveness and diversified growth of the Saudi economy.”
Jeffrey Immelt, Chairman & CEO of GE, said: “We are honored to be among the first companies to partner with SAIIC in meeting its strategic development goals of Saudi Vision 2030. We will work together to build manufacturing capabilities of GE in Saudi Arabia and develop more ‘Made in Saudi’ high-tech technology, creating a robust local supply chain. The agreement will also lead to strengthening the culture of digital innovation in the Kingdom. The joint investment and collaboration will be a game changer for the Kingdom’s industrial and digital sectors.”
A joint venture of Saudi Arabian Public Investment Fund (PIF), Saudi Aramco and Saudi Arabia Basic Industries Corporation (SABIC), SAIIC has the mandate to investing in and developing globally competitive industrial sectors in the Kingdom. It focuses on driving inward investments to the Kingdom through joint ventures and partnerships with global industry leaders.
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Note to Editors
About SAIIC:
The Saudi Arabian Industrial Investments Company (SAIIC) is a joint venture of Saudi Arabian Public Investment Fund (PIF), Saudi Aramco and Saudi Arabia Basic Industries Corporation (SABIC).
The mandate of the company is to invest in and develop viable and sustainable businesses that directly enable the development and growth of strategic industrial sectors and their value chains in the Kingdom. SAIIC will promote the economic diversification and localization of industrial value chains and manufacturing capabilities in the Kingdom through its investments and thereby stimulate private sector and SME industrial investment activities. It is targeting to create a significant number of quality jobs for the Kingdom's citizens through its investments in the targeted industrial sectors
About GE:
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
For more information, please contact:
Stephen McCallion Caroline Wehbeh
GE Communications Leader, Saudi Arabia & Bahrain GE Communications Leader, North Africa
+97152 8006753 +9714 4296318
[email protected] [email protected]
Nathan Wilson
Saudi Arabian Industrial Investments Company
+966 55386 9453
Malek Abderahman
ASDA’A Burson-Marsteller
Jeddah, Kingdom of Saudi Arabia
Mobile: 0544426364
Tel: 0126067202, Ext: 200