*MEA growth to focus on people, product, process and technology compliance
Dubai, UAE; May 29, 2007: Led by a strengthening of the regional infrastructure, industrial and healthcare businesses, GE expects an average annual growth rate of 20 per cent through to 2010. The roadmap to growth in MEA will be underscored by effective compliances between the people, products, processes and technology.
Through a pro-active participation in high-growth business sectors, GE businesses in the region grew to US$5.5 billion gaining 32 per cent over year 2005. In line with GE's philosophy of supporting the local economies through employment generation, the company's workforce also registered a considerable increase from 1,500 in 2005 to 1,900 last year.
"GE's growth strategies for the MEA region are aligned with the development vision of the regional economies, focused on building for the future," said Nabil Habayeb, GE's President and Chief Executive Officer for the Middle East and Africa region. "The region offers significant growth potential in Energy, Healthcare, Transportation, Aviation and Oil & Gas -- all of which are core strengths of GE."
He added: "Through our innovative technology and solutions, GE is setting new industry standards. Our businesses meet the future demands of the region, cut significant inroads through effective public private partnerships and empower the economies through employment generation."
Driven by the boom in infrastructure development, the construction sector and social growth sectors such as education and healthcare, economies in the MEA region are growing at a fast rate. "The MEA region is one of the fastest growing emerging markets for GE."
Habayeb added: "The future of the MEA market will be determined by a number of factors such as the growth in population, a burgeoning segment of qualified youngsters, visionary leadership that is focused on less dependency on oil-led growth, concerted efforts to improve the knowledge economy and remarkable infrastructure development. This presents a favourable environment for growth for GE by enabling us to grow government-customer relationships, tap the local talent pool and share our expertise in infrastructure building."
In a strategic diversification initiative, GE Money, the global consumer-lending unit of the company, signed a joint venture with the UAE-based Al Futtaim Group to form a new company that will roll out several consumer finance products including auto and personal loans, leases, sales finance, bank cards and insurance.
In addition, GE's television and entertainment business, NBC Universal, has made its mark in the region. Developed by Tatweer, 'Universal City Dubailand', a 22 million sq ft development within Dubailand was launched last month. The centrepiece of the development, Universal Studios Dubailand, a specialized theme park, will be amongst the world's largest theme parks. The city will also include hotels, retail outlets, commercial offices and residential compounds.
GE has a long history of association with the Middle East region since 1930, and the company's main growth drivers in the Middle East are technical and commercial innovation in six core businesses -- GE Infrastructure, GE Industrial, GE Healthcare, GE Commercial Finance, GE Money and NBC Universal.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's web site at www.ge.com.
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