General Electric (GE) announced that it would invest SR 3.75 billion ($ 1 billion) in innovation, health care and energy partnership initiatives supporting the Kingdom’s Vision 2020. The announcement was made at a press conference attended by GE’s Vice Chairman John Rice, Steve Bolze GE president and CEO of power plant and water, and Karim Karti, president and CEO of health care for Eastern and Africa growth markets (EAGM).
"Being in the Kingdom for more than eight decades, we are making this commitment in line with the Kingdom’s Vision 2020 and Ninth Development Plan to diversify the economy, strengthen manufacturing capabilities, and rapidly build human resources," GE’s Vice Chairman John Rice told reporters.
The investment will focus on initiatives in three core areas that are central to the Kingdom’s current developmental thrust — innovation, health care and energy. It will also build capacity among Saudi’s young talent in key growth sectors and double GE’s work force in the Kingdom to over 2,000 by 2015.