Business | General
GE's revenues from Middle East and Africa rocket 45% to $8b
General Electric Company (GE) said its revenues from the Middle East and Africa region reached $8 billion last year, up 45 per cent compared with revenues in 2006.
- Staff Report
- Published: 23:39 January 29, 2008
Dubai: General Electric Company (GE) said its revenues from the Middle East and Africa region reached $8 billion last year, up 45 per cent compared with revenues in 2006.
It said Middle East and Africa operations "contributed significantly" to the 27 per cent global revenue increase in 2007.
GE expects full-year revenues of $13 billion by 2010 as it gets more involved in infrastructure development and projects in the healthcare and aviation sectors.
The company said Saudi Arabia, the UAE and Kuwait are the largest contributors to its healthcare business in the region.
"More than 50 per cent of our revenues now come from international markets to which the Middle East and Africa region make a significant contribution," Jeffrey Immelt, GE's chairman of the board and chief executive officer, said.
"The focus in the region is on infrastructure development and addressing major challenges such as cleaner energy and transportation, water scarcity as well as healthcare. Our base of infrastructure projects has led to long-term service contracts that further strengthen our customer relationships," he added.
GE said it is pursuing several public-private partnerships and is currently in a position to provide solutions for major projects in various growth sectors.
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