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Sun 3 Nov 2019 12:02 PM

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GE eyes Saudi expansion amid kingdom's 2030 Vision

Rachel Duan, the CEO of GE's Global Growth Organisation, said that the company is "optimistic" about its prospects for expansion in Saudi Arabia and the wider Middle East

GE eyes Saudi expansion amid kingdom's 2030 Vision

GE’s Global Growth Organisation CEO Rachel Duan.

GE’s Global Growth Organisation (GGO) is eying opportunities to expand in the Middle East, particularly Saudi Arabia, according to GGO CEO Rachel Duan.

Within GE, the GGO is tasked with driving the company’s localisation strategies and accelerating its growth globally, as well as providing commercial and functional support to GE’s various businesses around the world.

In an interview with Arabian Business, Duan said that of the GGO’s six regions, the Middle East is the largest in terms of orders.

“From a growth perspective, it is also one of the highest growth regions, potentially, for us,” she said. “It also has a strategic position as a supply chain base, and we continue to localise our investments.”

In Saudi Arabia, Duan said that the country’s Vision 2030 plans are “aligned with what GE can bring in” in terms of solutions, in sectors such as energy diversification and efficiency, oil and gas, healthcare and renewable energy.

“We’re looking to expand in the country, and [see] it as a regional hub,” she added. “Almost every country has a similar version of Vision 2030, with similar themes. Given that, despite all the geopolitical tensions in the region, we are optimistic about the growth prospects.”

According to Duan, GE has approximately 4,000 employees on the ground in the country, and powers 60 percent of the electricity in the country. Additionally, it has trained over 1,000 healthcare providers in the kingdom.

In May 2017, GE and Saudi Arabia signed a number of Memorandums of Understanding (MoUs) and projects valued at $15 billion with entities including Saudi Aramco and the Saudi Ministry of Energy, Industry and Mineral Resources.

“I think we’d like the progress to be faster, obviously, but in the meantime we see that the whole Saudi government is going through a major transformation itself,” Duan added. “We’re optimistic.”

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