Business | General
GE's regional revenue jumps 32% to Dh20b
General Electric (GE), the $163 billion diversified technology, media and financial services company, reported a 32 per cent increase in its Middle East and Africa revenue to Dh20 billion ($5.5 billion) in 2006 from Dh15.41 billion ($4.2 billion) in 2005, a company statement said.
- Staff Report
- Published: 00:00 February 8, 2007
Dubai: General Electric (GE), the $163 billion diversified technology, media and financial services company, reported a 32 per cent increase in its Middle East and Africa revenue to Dh20 billion ($5.5 billion) in 2006 from Dh15.41 billion ($4.2 billion) in 2005, a company statement said.
GE's chairman and chief executive Jeffrey Immelt said: "GE's new initiatives complement the company's already strong involvement in the region in sectors as wide-ranging as infrastructure, aviation, oil and gas and healthcare. Our strategy will strengthen existing businesses and also add on new growth areas such as consumer finance."
Immelt's regional tour kicked off in Dubai with the inauguration of GE's new headquarters based in Dubai Internet City.
GE Money, the global consumer-lending unit of the company, signed a joint venture with the Dubai-based Al Futtaim Group to form a new company that will roll out several consumer finance products including auto and personal loans, leases, sales finance, bank cards and insurance.
GE Healthcare unveiled plans to open a manufacturing facility in Saudi Arabia. GE Healthcare will focus on manufacturing innovative diagnostic imaging systems to meet the growing demand for modern healthcare equipment regionally.
The GE Healthcare facility, the first for the business in the region, will add new production capabilities which will help support the transformation of health care delivery in the region.
Strong market
"The Middle East region has traditionally been a strong market for GE Infrastructure and GE Healthcare, both of which have contributed an impressive 34 per cent and 29 per cent growth in revenues respectively," said Nabil Habayeb, GE's president and CEO for Middle East and Africa.
Further localisation plans for the Kingdom include GE's joint venture with Ali A. Tamimi for the Water and Process Technologies business to set up a specialty chemicals blending unit based in Dammam. The facility will manufacture chemical additives and products that will contribute to asset protection and management by inhibiting losses attributed to corrosion and scale of critical components.
In addition, GE and Mubadala rolled out the first executive training programme which was attended by more than 20 young Arab CEOs.
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