JEDDAH: General Electric (GE) remains committed to investments in Saudi Arabia and is undeterred by the drop in oil prices, a senior executive of the multinational firm said Tuesday.
John G. Rice, vice chairman of GE, told a local newspaper: “The decline in oil prices has not changed our view toward investing and operating in the Kingdom or its future prospects. The Kingdom enjoys the expertise of an experienced government management team willing to proceed regardless of whether oil prices reach $25, $50 or $100 a barrel.”
He said it was difficult to predict what would happen in future, so countries should prepare for all eventualities. “This is exactly what is happening today in the Kingdom. The Saudi government is taking drastic measures to ensure continued good economic performance no matter how much prices decline,” he said.
He said the company was eager to explore partnerships, and this was under discussion at the Global Supplier Forum launched by GE in Riyadh on Wednesday. “The Kingdom is a big country in terms of geographical area and we are taking the right steps that will yield positive benefits.”
He said the company was working to solidify its partnership with the Saudi Arabian Industrial Investments Company (SAIIC), to help achieve the goals of Saudi Vision 2030.
He said the forum was organized three months ago, before the announcement of Vision 2030.
He noted that GE began investing in the Kingdom in the 1930s. Four years ago, GE announced significant investments of $1 billion in the Kingdom, including the expansion of GE Manufacturing and Technology Center, he said.
Last month, GE announced it was working on several new projects in Saudi Arabia as part of the reform drive, including a $400 million forging and casting venture with Aramco that would supply materials to the marine and energy industries. The facility will be operating by 2020, creating over 2,000 jobs.
GE is also developing a maintenance facility for military aviation engines and a manufacturing facility for light-emitting diode (LED) lighting products, as well as training, biotechnology and radiology operations.
The projects will help increase the number of Saudi suppliers to GE to 300 from 150, as the company aims eventually to export more than $100 million of products and services annually from Saudi Arabia, it said.
General Electric investments undeterred by oil price drop
General Electric investments undeterred by oil price drop
Kuwait draws $725m in new FDI in 2024–25, KDIPA says
JEDDAH: Kuwait attracted about 222.9 million Kuwaiti dinars ($725 million) in new foreign direct investment during the 2024–2025 fiscal year, as the Gulf state seeks to boost private-sector activity and diversify its economy.
The inflows were approved between April 1, 2024, and March 31, 2025, under Kuwait’s foreign investment framework, the Kuwait Direct Investment Promotion Authority said in its 10th annual report released this month.
Approved investments during the period originated from countries including Jordan, Saudi Arabia, the UAE and the US, as well as the UK, China and the Netherlands, according to data cited by the state-run Kuwait News Agency.
“The authority noted that cumulative approved investments from January 1, 2015, to March 31, 2025, increased to 1.97 billion dinars, spread across 105 investment entities from 34 countries, covering 16 vital sectors,” KUNA reported.
KDIPA said these investments have supported the national economy through job creation, local talent development, technology transfer and localization, increased domestic content, and higher exports.
Sheikh Meshaal Jaber Al-Ahmad Al-Jaber Al-Sabah, director general of KDIPA, said: “Investments have facilitated job creation, technology transfer, and export enhancement, with expenditures by licensed entities increasing by 17.6 percent to reach 1.09 billion dinars between 2015-2023.”
He added: “The first decade of KDIPA’s journey has demonstrated Kuwait’s ability to attract value-added investments and maximize their impact in supporting economic development, thanks to institutional work and close cooperation with our partners in both the public and private sectors.”
Al-Sabah said KDIPA had strengthened its Gulf relations through active participation in high-level meetings, committees, and regional economic initiatives.
“Locally, it enhanced cooperation with the Ministry of Commerce and Industry, and with more than 15 other government entities to ensure the completion of investment licensing procedures, facilitating approvals, and granting incentives in accordance with its law, in addition to developing a digital integration mechanism to streamline procedures for investors,” he said, according to the report.
He emphasized that the annual report marks a key milestone in tracking progress, providing updates on developments, analyzing operational and investment trends, and identifying challenges and risks, along with ways to address them.
“This aims to advance work methodology, improve decision-making processes, adjust course of action, and enhance performance in a manner that embraces credibility, transparency, and professionalism, while monitoring progress, evaluating efforts, and being more future-ready,” he concluded.
KDIPA noted that the report coincides with the 10th anniversary of its establishment as Kuwait’s official authority for promoting the country and attracting value-added investments.
