- Partnership will enable the creation of a robust supply chain that meets requirements of regional and global customers
- Complementing Saudi's Vision 2020, initiative will encourage job creation and strengthen Saudi entrepreneurial skills
Dammam, Saudi Arabia; October 1, 2012: GE (NYSE: GE) has signed a strategic partnership agreement with Wa'ed (the Saudi Aramco Entrepreneurship Center Company), a new wholly-owned subsidiary of Saudi Aramco, the fully integrated global petroleum and chemicals enterprise, to serve as a major developer, financer and incubator of Small and Medium Enterprises (SMEs) in the Kingdom of Saudi Arabia.
Through the new partnership, GE will work with Wa'ed to further drive the Kingdom's SME sector and develop a solid supply chain in manufacturing and services in the energy sector to meet the needs of local, regional and global customers. GE will also partner with the SMEs, developed by Wa'ed, to enhance their competencies as potential suppliers of the company in the energy sector, underlining its commitment to support the goals of Saudi Vision 2020 to promote human capital development and strengthen economic diversification.
Saudi entrepreneurs, males and females, can present their business proposals online on the Wa'ed website. This will then be analyzed for potential support, and Wa'ed is funding projects through equity partnership and debt financing. Wa'ed is offering intensive training to applicants from across the Kingdom in major cities such as Dammam, Riyadh and Jeddah.
Fahad A. Al-Semari, Managing Director of Wa'ed said: "One of Wa'ed's major initiatives is developing SMEs in the energy sector and its supporting activities to enable the development of a competitive Saudi energy sector. Wa'ed will be working with GE to identify opportunities in the local market to develop new local start-ups and support the development of existing SME suppliers to expand and localize international suppliers. We are hopeful that our MOU with GE will be one of many to come with major companies supporting the energy sector in the Kingdom."
"We encourage young Saudis to submit their ideas which will be supported by Wa'ed in formalizing business plans and obtaining potential funding. The partnership with GE, a long-term partner of Saudi Aramco, opens doors for new opportunities for these SMEs in the energy sector, helping them strengthen the Kingdom's supply chain."
Hisham Bahkali, GE's President & Chief Executive Officer for Saudi Arabia and Bahrain, said: "Our partnership with Wa'ed builds on our long relationship with Saudi Aramco over the past several decades. The goals of Wa'ed complement our growth strategy for the Kingdom, where we are focused on nurturing local talent and promoting economic diversification in line with our commitment to the Saudi Vision 2020, led by multiple partnerships.
"The MOU with Wa'ed will enable us to identify and develop Saudi talent to be partners in our operations, especially in serving our clients not only from the region but also in global markets. This will strengthen the energy supply chain by creating local enterprises that have the potential to become reliable suppliers of essential services and products which can be provided cost-effectively. It will further consolidate Saudi Arabia's position as the regional hub for the energy industry."
GE will initiate discussions with its international suppliers and partners to potentially source the products and services from Saudi Arabia, thus boosting the Kingdom's exports sector. The company will also extend training consultancy support where needed to strengthen the skills of the SME entrepreneurs.
GE has most recently announced the doubling of its GE Manufacturing Technology Center with a focus on boosting localized manufacturing and repair capabilities, in addition to opening a Pressure Control Facility that boosts the operational efficiencies of the oil & gas sector. A new technology program to strengthen efficiencies in the usage of heavy fuel is also being introduced. With the partnership with Wa'ed, GE is stepping up its commitment to encourage more Saudi talent to be part of its operations across the energy and oil & gas supply chain.
Since supplying Saudi Arabia with turbo-machinery for its first oil expedition in 1942, GE has been a growth technology partner to the Kingdom. With over 80 years of long-term partnerships in the Kingdom, GE is further strengthening its partnership in Saudi Arabia with a US$ 1 billion investment focused on healthcare, energy and innovation.
Kelly Home
ASDA’A Burson-Marsteller
[email protected]
+971 4 4507 600
Mohamed Tawil Caroline Wehbeh
[email protected]
GE Communications Leader, North Africa
[email protected]
+971 4 429 6318
business unit
tags