Arab News, Tue, Mar 05, 2024 | Shaban 24, 1445
MODON and General Electric seal deal to operate $346m technology center in Dammam
Saudi Arabia:
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.