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
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
