https://arab.news/zjv8h
RIYADH: Dammam’s General Electric Manufacturing Technology Center will soon begin operations thanks to a new agreement signed by the Saudi Authority for Industrial Cities and Technology Zones.
The authority, also known as MODON, inked the deal with US multinational conglomerate GE to operate the SR1.3 billion ($346 million) complex across an area of more than 119,000 sq. m., according to a statement.
This agreement aligns with MODON’s mission to develop and manage industrial cities and technology zones in line with national priorities and in partnership with the public and private sectors.
It also coordinates with the authority’s endeavors to boost its partnerships with major global manufacturers and companies to contribute to the Saudi industry with advanced technologies.
The deal cements the National Industrial Strategy’s aims to accelerate the diversification of its manufacturing base to enhance non-oil exports, encourage privatization, attract more foreign investment as well as increase funding for innovation and research and create local jobs.
This is not the first collaboration between MODON and GE. In 2023, the two entities signed an agreement whereby GE factories spread over 120,000 sq. m in the Eastern Region will come under MODON supervision.
Through its strategy to empower industry and contribute to increasing local contribution, the authority seeks to help the private sector contribute some 65 percent to Saudi Arabia’s gross domestic product.
In October, global electrification firm GE Vernova announced that it wants to equip the Kingdom’s youth with the tools needed to amplify the nation’s strategy as Saudi Arabia aims for carbon neutrality by 2060.
In an interview with Arab News at the time, Hisham Al-Bahkali, president of GE Vernova, Saudi Arabia, emphasized the importance of science, technology, engineering, and mathematics education and its role in empowering the Kingdom’s youth.
Al-Bahkali stressed at the time that such programs play a pivotal role in cultivating the skills required by the workforce of the future.
“These skills are also critical in driving solutions for climate change and addressing the energy transition needs of countries worldwide,” he added at the time.
Since supplying Saudi Arabia with turbomachinery for its first oil expedition back in 1942, GE has been a growth technology partner to the Kingdom.
The company has developed several successful programs with leading Saudi institutions such as the King Abdullah University of Science and Technology.