GE Opens New Manufacturing and Training Center, Representing $250 Million Investment in Saudi Arabia’s Energy Sector

DAMMAM, SAUDI ARABIA—June 1, 2011—Bringing its business closer to its customers in the Middle East, GE (NYSE: GE) today celebrated the grand opening of its GE Energy Manufacturing Technology Center in Dammam, Saudi Arabia. GE’s newest energy technology center will provide GE Energy...

GE Opens New Manufacturing and Training Center, Representing $250 Million Investment in Saudi Arabia’s Energy Sector

DAMMAM, SAUDI ARABIA—June 1, 2011—Bringing its business closer to its customers in the Middle East, GE (NYSE: GE) today celebrated the grand opening of its GE Energy Manufacturing Technology Center in Dammam, Saudi Arabia. GE’s newest energy technology center will provide GE Energy customers in Saudi Arabia, the wider Middle East region, Europe and Africa with advanced energy technology services and manufacturing.

The GE Energy Manufacturing Technology Center was inaugurated by His Royal Highness Prince Mohammad bin Fahd bin Abdulaziz Al Saud, Governor of the Eastern Province of Saudi Arabia in the presence of over 400 high level Government officials and dignitaries, key GE executives including Vice Chairman John Krenicki and GE’s joint venture partner Tariq Al Tamimi of Ali A. Tamimi Co.

At the inauguration, GE also announced an additional investment of US$150 million for a Saudi manufacturing hub of equipment for the energy industry. This takes the total investment in the GE Energy Manufacturing Technology Center to US$250 million. The hub will support more than 2,000 jobs in addition to catalyzing job growth in ancillary industries that support the facility.

GE’s newest energy technology center in Saudi Arabia, one of the largest of its kind by the company world-wide, consists of three key main components: a manufacturing facility of high technology equipment for the power, water and oil and gas industries; a service and repair center for advanced turbine equipment; and a training center that will offer the latest technology and managerial courses for college students, field engineers and other power industry professionals throughout the region. This reflects the commitment of GE to empower Saudi human resources with the required skills to respond to the region’s growing needs, especially in the energy and power sector.

Krenicki said: “As Saudi Arabia forges ahead with its ambitious development plans, the opening of the Energy Manufacturing Technology Center underscores GE’s commitment to be closer to our customers who trust us to deliver the latest technologies and services across the full spectrum of the energy landscape. The additional investment we announced today is designed to accelerate the localization of our capabilities, boost the manufacturing and export sectors of the Kingdom and empower Saudi youth with promising career opportunities. This Center is another step forward in our energy partnership with the region and a milestone towards its continued growth and success.”

The new technology center is developed in association with Ali A. Tamimi Co., GE’s long-term joint venture partner. Both companies have been working closely together for almost 60 years. Mr. Tariq Tamimi, President, Ali A. Tamimi Co., said: “We see this new Center as a regional hub for the energy industry which will effectively complement and boost current energy service capability. The Dammam facility will provide localized support in all engineering and commercial aspects, which is important for long-term sustainability.”

The core capabilities of GE Energy Manufacturing Technology Center are:

Manufacturing of high technology equipment for power, water, industrial and oil & gas sectors—US$150 million

The GE Energy Manufacturing Technology Center will have the capability to manufacture high technology equipment supporting the power generation, electrification and oil & gas industries. This is part of GE’s expanded investment in energy equipment manufacturing which includes critical components for GE gas turbines for the generation of electricity, control units for the reliable transmission of electricity, low and medium voltage motors for heavy industries as well as drilling and production equipment for the oil and gas industry.

Increased service and repair capabilities—US$80million

The GE Energy Manufacturing Technology Center opens at a time when greater emphasis is being placed on doing more with less in the energy sector. Achieving increased efficiency with existing energy infrastructure is a top priority of regional utility providers given the rising price of energy.

Expanding GE’s training commitment in the Kingdom—US$20 million

In line with the Kingdom’s focus on boosting public private partnerships to drive Saudi human resource development, the advanced training center hosted within GE’s new facility will offer the latest technology and managerial courses for college students, field engineers and other power industry professionals throughout the region.

The technical education that will be offered will be key to providing young Saudi and regional talent with the skills and qualifications to contribute to the Kingdom’s growing energy sector. GE training efforts include comprehensive co-op programs with leading Saudi universities, including King Fahd University of Petroleum and Minerals, Prince Mohammed Bin Fahd University as well technical colleges under the Technical and Vocation Training Corporation (TVTC) such as al Hasa, al Ahssa and Dammam College of Technology. Over 100 Saudi students have already participated in the GE Co-operative programs.

Attendees at the inauguration also witnessed the signing of a Memorandum of Understanding between GE and the Technical and Vocational Training Corporation (TVTC) to expand the current GE joint technical program (GE JTP). The expanded GE JTP aims to train 100 students annually, selected from leading technical colleges across the Kingdom.

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About GE

GE (NYSE: GE) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy www.ge.com/energy—GE Power & Water, GE Energy Services and GE Oil & Gas—work together with more than 90,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs.

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