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strong growth opportunities in the Middle East
Global technology, media and
financial services major GE hosted global
investors for a series of meetings in three
major cities in the Middle East - Doha in Qatar
and Abu Dhabi and Dubai in the UAE - to showcase
the company's operations, strategic partnerships
and overall growth prospects in these growing
Middle East is an important growth market for GE,' said Nabil
Habayeb, GE's President and CEO for the Middle East and Africa
region. 'In 2005, GE's Middle East operations amounted to more
than US$2.8 billion in sales and we are looking forward to
approximately 20 per cent growth this year.
'This meeting gives us an opportunity to showcase our strong
regional leadership, strategic local partnerships and extensive
product portfolio. We have brought investors from all over the
world to the Middle East so they can see first-hand how much
progress we have made and how much potential there is for GE in
this emerging market,' he added.
'There is a great match between the region's growth drivers and
the GE businesses,' said Habayeb. 'Huge revenues are being
generated from the high prices of oil and gas, and this money is
being invested in the country's infrastructure - power, water,
roads, healthcare and construction. In addition, funds are being
invested in diversifying from an oil-based economy to bring on
industrialization and tourism projects such as airports,
airlines, resorts and theme parks.
'Our GE businesses - from infrastructure and industrial to
healthcare, entertainment and finance - are in a strong position
to provide innovative solutions to various exciting project
across the region,' explained Habayeb.
In Abu Dhabi, GE's management team gave an overview of the
company's businesses in the UAE. This was followed by guest
speaker panel discussions led by HE Khaldoon Khalifa Al Mubarak,
Chairman, Abu Dhabi Executive Affairs Authority; Saeed Al Hajeri,
Executive Director, Abu Dhabi Investment Authority; and Waleed
Al Mokarrab Al Muhairi, Chief Operating Officer, Mubadala
'In recent years, Abu Dhabi has made considerable advances in
infrastructural growth and has been proactively investing in
future technologies,' said Habayeb. 'Apart from significant
investments in the petrochemical sector, the city has reiterated
its commitment to human resources development through effective
training programmes. Abu Dhabi shares the concerns regarding
sustainable environmental practices and has been in the
forefront in adopting development programmes that look at the
sustained growth of the global energy market.'
GE's focus on resource conservation and alternative energy
sector, the company has partnered with the Masdar initiative by
Abu Dhabi to ensure the emirate's growing share of the global
energy market. In Abu Dhabi, GE has also partnered with Mubadala
Development Company, the wholly owned investment vehicle of the
Abu Dhabi government, to set up an executive learning centre in
the city focused on providing advanced management and business
leadership programs to professionals in the region.
At the Dubai investor roadshow, panel discussions were led by
His Excellency Dr Oman Bin Sulaiman, Governor, Dubai
International Financial Center; Tim Clark, President, Emirates
Airlines; Sameer Al-Ansari, Chief Executive Officer, Dubai
International Capital; and Sandy Shipton, Head of Asset and Fund
Management, Dubai International Financial Center.
GE's businesses have contributed to the multi-sectoral growth of
Middle East economies through several significant partnerships
regionally. One of the highlights in GE's regional growth
initiatives is its partnership with Dubai Holding to identify
and invest in high technology projects across the Middle East
and North Africa. The agreement provides a framework for Dubai
International Capital, the international investment arm of Dubai
Holding to invest in infrastructure projects where GE businesses
play an active role. This will enable Dubai International
Capital to expand its investment portfolio and participate
through investment in infrastructure and industrial ventures in
tandem with GE.
'Dubai has the perfect economic climate for all-rounded growth,'
said Habayeb. 'The emirate continues to excel in varied sectors
including aviation, technology projects, finance and healthcare
- all of which are aligned with GE's core businesses. We have
formed strong partnerships with the leaders in all these sectors
- a reiteration of our commitment to the region.'
In Qatar, GE has embarked on an ambitious training initiative
with the opening of the GE Technology and Learning Center at the
Qatar Science and Technology Park. It will focus on providing
technical training and research support for customers of GE's
Aviation and Energy business in the Middle East, Africa, Europe
and Asia. GE's Global Research Center, Oil and Gas and Water
divisions will also undertake R&D of technologies applicable to
the local industry.
'Such training and research initiatives hold strategic value for
Qatar, which needs new technologies in its key growth sectors,'
added Habayeb. 'The Qatari economy is fast evolving and
investment worth several billion dollars is envisaged in the
energy sector alone over the next five years.'
A strong contributor to the region's oil and gas industry, GE's
turbines and compressors power the Qatari liquefied natural gas
industry. GE has gained significant orders from Qatar Petroleum
in addition to signing a strategic agreement for the first 'supertrain'
for the Qatar II LNG project.
GE has made significant inroads in building strong partnerships
with the aviation industry. The company has long been a provider
of engines for the Qatar Airways, Emirates and Al Ittihad fleet.
Emirates has finalized an agreement to purchase 10 Boeing 747-8
freighters, powered by GEnx engines. The purchase agreement for
the 45 GEnx engines - an ecomagination product - is valued at
more than US$600 million.
GE has also reiterated its community orientation by signing a
strategic agreement with the Doha Asian Games Organizing
Committee to be an Official Partner for the 15th Asian Games
Doha 2006. The company will provide temporary power generation
for Doha 2006 for approximately 40 competition and
non-competition venues around Doha.
Focused strategic partnerships in all its key areas of growth
have provided momentum to GE's regional growth, which is
highlighted at the Investor Relations Day.