Abu Dhabi, February 21, 2005: GE, the global technology, media and financial services company, today forecast double-digit growth this year for its US$3.4 billion Middle East business on the back of positive economic developments in the region. The upbeat message was delivered in Abu Dhabi by Ferdinando 'Nani' Beccalli, President and CEO of GE International.
Speaking to regional stakeholders and business leaders on GE Day in the UAE capital, Mr. Beccalli said the Middle East market would be a key contributor to the group's future growth and would benefit in particular from growth opportunities in the energy, oil and gas, infrastructure, healthcare and transportation sectors.
Mr Beccalli added: "GE's volume of business in the Middle East is expected to grow at a rate of 20 per cent this year. The region offers tremendous opportunities and the group is well-positioned to capitalise on them. We are confident that our diverse operations, undivided focus on customer service and human capital will strengthen our role as the key partner for business in the region.
"The UAE is at the heart of the many positive economic developments taking place in the region. So it was entirely appropriate that we chose Abu Dhabi as the venue for GE Day. This is a wonderful opportunity to confirm our commitment to the entire region, including our key customers in the public and private sectors."
Hosting GE Day in Abu Dhabi, Nabil Habayeb, President and CEO for the Middle East and Africa said: "GE Day is focused on consolidating our relationship with key customers in the region. They can see first-hand the wide range of our businesses in the Middle East and it also allows us to get feedback, which will help us to sharpen our strategies."
GE Day is a customer event, providing a platform to showcase the company's diverse business operations in the region. Today, the activities of the company's business units range from aircraft engines and power generation turbines, to plastics and healthcare solutions, to media and financial services.
"The Middle East is one of the fastest growing regions in the world. GE has always played an important role in meeting its infrastructure and consumer needs and now, more than ever before, we have the technology, the service capabilities and the technological expertise to fuel further development of the region," added Habayeb.
Since 1933, GE has maintained its position as a leader in technology and customer service through its diversified activities in the Middle East market, serving a broad range of sectors particularly infrastructure - including energy, aviation and healthcare - consumer goods and services through its eight key business units. As part of its strategy for growth, GE created a Middle East and Africa region in 2004 to reinforce its commitment to bringing the latest technology, products, and service solutions to its customers and taking part in the rapid development which the region is undergoing.
GE has established a commanding presence in the Middle East, with headquarters in Dubai, a network of offices across the GCC and Levant, numerous joint venture enterprises and its own facilities in key markets. Its expertise in the region is backed by its multi-national staff comprised of more than 1,000 men and women.
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 companydedicated to creating products that make life better. From aircraft engines andpower generation to financial services, medical imaging, television programmingand plastics, GE operates in more than 100 countries and employs more than 320,000people worldwide. For more information, visit the company's Web site at www.ge.com.
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