DAMMAM, SAUDI ARABIA---September 25, 2013---GE (NYSE: GE) has signed a 74,000 sq meters land lease agreement with the Saudi Industrial Property Authority (MODON). More than 50 percent of the land, which is located in Dammam 2nd Industrial City, is intended to be utilized initially by GE's Oil & Gas business to build an advanced GE Oil & Gas Manufacturing Facility. The planned new facility will be part of the US$1 billion investment commitment to the Kingdom announced by GE last year.
In the presence of Saudi Arabia's Minister of Commerce & Industry Dr. Tawfig Fawzan Alrabiah and GE's Chairman & Chief Executive Officer Jeffrey Immelt, Hisham Al Bahkali, GE's President & Chief Executive Officer in Saudi Arabia & Bahrain, and Eng. Saleh I. Al-Rasheed, Director General, MODON, signed the agreement at a ceremony held in Dammam.
To be located near the existing Pressure Control Facility, the planned GE Oil & Gas Manufacturing Facility will cover an area of approximately 40,000 sq meters and will integrate the different business lines of GE Oil & Gas under one roof.
The facility is intended to provide consolidated offices, as well as manufacturing capabilities, packaging and assembly for GE Oil & Gas businesses including Measurement & Control, Subsea Systems, as well as artificial lift and pressure control equipment for its Drilling & Surface business.
Dr Tawfig Fawzan Alrabiah said: "We aim to attract leading international manufacturing companies to invest in the Kingdom. As the largest manufacturing company in the world, GE's presence will be an added value, and this project is part of the company's commitment to invest US$1 billion in the Kingdom, including in the manufacturing sector."
Rami Qasem, President and CEO, GE Oil & Gas, Middle East, North Africa and Turkey said: "The extensive services to be offered by the planned GE Oil & Gas Manufacturing Facility will enable us to provide our partners with the most advanced services and product support in the least possible response time to strengthen their operational efficiencies. It also marks our sustained commitment to Saudi Arabia's growth vision to promote localized manufacturing, job creation for Saudi youth and to boost the exports sector. We are thankful to the Ministry of Commerce & Industry for their support, which will enable us to extend continued support for the Kingdom's drilling and production, pipelines and storage, industrial power generation, and refining and petrochemical sectors."
The GE Oil & Gas Manufacturing Facility, planned to be operational in the fourth quarter of 2015, will enable the company to support its key customers, including Saudi Aramco, with shorter cycles through localized manufacturing of key components.
With more than 165 employees in the Kingdom, more than 40 percent of them Saudis, GE Oil & Gas supports the diversification and capacity building goals of the Kingdom. GE's Pressure Control Facility that opened last year manufactures key equipment such as wellheads, and valves that support the upstream oil & gas sector. The products also used across the industry regionally supporting the vision of the Saudi government to boost exports.
With a presence of over 80 years, three offices and seven facilities, Saudi Arabia accounts for the largest GE workforce in the Middle East with over 1,000 employees driving the healthcare, transportation, power, oil & gas, water and aviation businesses. More than 500 GE turbines currently generate over 50 percent of Saudi's electricity, and the company's advanced technology supports the production of 150 million liters clean water daily, delivered to the country's remotest corners.
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Photo Caption
In the presence of Saudi Arabia's Minister of Commerce & Industry Dr Tawfig Fawzan Alrabiah and GE's Chairman & Chief Executive Officer Jeffrey Immelt, Hisham Al Bahkali, GE's President & Chief Executive Officer in Saudi Arabia & Bahrain and Eng. Saleh I. Al-Rasheed, Director General, MODON, sign the land agreement in Dammam that will mark the development of the GE Oil & Gas Manufacturing Facility in the Kingdom.
GE news Fabio Pianini Jumanah Anter
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