Immelt discusses GE's strategy for Middle East and Africa on two day visit to the region
Dubai, November 8, 2004: GE, the world's biggest company by market value, views the Middle East as one of the key areas for growth and will continue to focus on developing world-class solutions in the energy, transportation and healthcare sectors to enable the company to grow in the region.
This was the message from Jeffrey Immelt, CEO of GE, who visited the Middle East to reaffirm the company's commitment to the rapidly developing region. Last year, GE's Middle East operations contributed more than US$3.4 billion to group revenues and the company expects this to grow by approximately twenty percent annually. The creation of the new Middle East and Africa region and the appointment of Nabil Habayeb as President-- GE Middle East and Africa and Company Officer -- demonstrates the importance of GE's operations in the Middle East and its emphasis on facilitating regional growth.
Immelt said, "I wanted to reiterate GE's commitment to serve a region where we have been present for over 70 years and have played a vital role in its development. Both GE and the governments here share a common interest in fostering regional advancement and we will do our part to drive further development and completion of strategic projects which are necessary."
"The Middle East is a key region of interest for our growth strategies and holds many exciting opportunities -- it's a good example of how we can work together in various industry sectors including oil and gas, infrastructure, healthcare and energy to further promote growth, employment and transfer of knowledge and technology."
In the region, Immelt held several high-level meetings including with HH Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister in addition to the Emir of Qatar, HH Sheikh Hamad bin Khalifa Al --Thani to discuss mutual cooperation and strategic opportunities. In addition, Immelt also met with Mohammed Al Gergawi, CEO of Dubai Holding to explore areas of shared interest and joint venture opportunities.
At the meetings GE agreed to play a leading role in several key initiatives taking place in the region. GE inked a partnership with Young Arab Leaders (YAL) - the initiative launched earlier this year with the mandate to identify, nurture and promote future Arab leaders in all sectors of society - to create programmes designed to transfer knowledge and expertise on leadership to YAL members.
GE has established a commanding presence in the Middle East and has built an extensive client base. Seven of the company's eleven businesses - GE Transportation, GE Energy, GE Healthcare, GE Consumer and Industrial, GE Infrastructure, GE Advanced Materials and GE Commercial Finance - operate across the region through company headquarters in Dubai and Riyadh in addition to fully-fledged offices in other key markets including Kuwait and Qatar. GE has also invested in numerous joint venture enterprises in the UAE and Saudi Arabia and its own facilities throughout the region.
Habayeb said the visit has enhanced GE's relationship with its existing and potential customers. "Mr. Immelt's visit has helped cement a strong relationship with our clients and potential customers, providing the opportunity to receive valuable feedback, which enables us to sharpen our strategies and consider new areas for growth. In our commitment to serve the region, GE is investing in an increased number of offices and facilities and is backed by a multinational workforce of 1,000 men and women," continued Habayeb.
GE has been active in the Gulf since 1933. Its activities in the region are conducted through direct presence, joint ventures, strategic alliances, and a wide network of distributors. GE has completed strategic projects in various hi-tech industrial sectors, defence-related contracts and major infrastructure developments. .
GE (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates 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.
GE (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates 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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