The Deputy Crown Prince of Saudi Arabia, Mohammed bin Salman, recently met with Jeffrey Immelt, Chairman and Chief Executive Officer of General Electric Company, in an effort to strengthen their longstanding partnership.
The Kingdom’s dedication to diversifying its economic portfolio away from dependence on oil has opened up new opportunities for collaboration between General Electric and Saudi Arabia, where the role of the private sector will expand in coming years. GE, which invests heavily in the Kingdom’s renewable energy and technology sectors, will increase its strategic holdings in Saudi industries under the country’s ambitious Vision 2030 plan. Currently, over 2,000 GE employees work in Saudi Arabia, a number that is expected to double following the company’s announcement of $1.4 billion in investments leading up to 2020.
The National Transformation Program, which complements the Vision 2030 plan, outlined a strategy to link governmental agencies with the private sector in an aim to increase employment for Saudis and promote foreign investment in the country’s educated human capital.
Vision 2030 to Promote Transparency, Attract Global Investment
As part of the 2030 reforms, the government of Saudi Arabia seeks to enable international partnerships by enhancing business-friendly practices and easier access to funding. These strategic partnerships will raise economic competitiveness in the Kingdom and boost the productivity of national companies, ultimately raising the level of localized expertise in the industrial, digital, and technology sectors.
In addition to improvements in the country’s economic infrastructure, changes in governance will accompany Vision 2030 reforms to ensure transparency across all ministries. The Saudi government has embraced a zero tolerance stance on administrative and financial corruption. By adopting high standards of accountability and publishing key performance indicators, the nation’s leadership is poised to develop a global model for responsible governance attractive to international investors.
Read more here at the Saudi Gazette.