Business | General
GE expects strong growth in region
GE projects revenues exceeding $4 billion (Dh14.68 billion) from its Middle East operations this year, a company official said.
- By Stanley Carvalho, Staff Reporter
- Published: 00:00 March 2, 2005
GE projects revenues exceeding $4 billion (Dh14.68 billion) from its Middle East operations this year, a company official said.
"The Middle East market will be a key contributor to our future growth. We see huge growth opportunities in the energy, infrastructure, health care and transportation sectors," said Ferdinando Nani Beccalli, president and chief executive of GE International, said yesterday.
GE's revenues in 2004 from its Middle East operations totalled $3.4 billion (Dh12.47 billion) compared with the $2 billion (Dh7.34 billion) in revenues it reported in 2003.
"Our volume of business in the Middle East is expected to grow 20 per cent this year. We are bringing our other businesses to this region, including our innovative financial services," Beccalli said.
Beccalli and other top executives of the company were in Abu Dhabi to celebrate GE Day in the UAE, an annual exhibition showcasing the company's products and services.
The Middle East focus is part of a wider strategy to develop business in this region, after GE's operations in the US and European markets slowed.
"Economic growth is slow in Europe. Forecasts show slow growth in the United States as well. We must develop our international business in the Middle East market, where positive economic developments are taking place," Beccalli said.
"The UAE is at the heart of the many positive economic developments taking place in the region. GE's regional centre is in Dubai, and enjoys a growing volume of business," Beccalli said.
The company will be expanding into new platforms such as water, security and financial services, said Nabeel Habayeb, GE's President and Chief Executive for the Middle East and Africa.
"Our roadmap is focused on products relying on the latest technologies. We believe in leveraging the full portfolio of GE through partnerships," he said.
On the financial side, GE is eyeing the lucrative but highly competitive consumer finance sector in this region, company officials said. They declined to provide details.
GE will continue to pursue opportunities in the power and aircraft engine sectors, they said.
GE's engines power the aircraft of eight airlines in the region.
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