Saudi SMEs have key role in GE supply chain

With local suppliers to benefit from Wa'ed's support program, the conference follows an agreement between Saudi Aramco's Wa'ed and GE last year to support Saudi small and medium enterprises (SMEs) and engage them in the domestic manufacturing and service sector.
At the conference, GE showcased the requirements of its diverse business portfolio in the Kingdom, particularly in power and water, oil and gas, and energy management, which can be supported by domestic manufacturers, and the role that its initiatives, including the GE Manufacturing Technology Center in Dammam, plays in promoting localized manufacturing and boosting exports. The company also highlighted the role that Saudi SMEs can play in boosting GE's global supply chain through a focus on localized innovation.
Inaugurating the Saudi Supplier Conference, Motassim Masshouq, chairman of Wa'ed, said: "The Saudi economy is one of the most booming economies in the world that offers great business opportunities in vital sectors such as manufacturing. This creates the need to establish a strong and diversified supplier base, which is an opportunity for local companies to develop the necessary capabilities that enables them to become important parts of this supplier base." He spoke about the strategic partnership between Wa'ed and GE that focuses on the support of SMEs, and underlined that the conference is one of the positive outcomes of the partnership. He welcomed and introduced GE's Chairman and CEO, Jeffery Immelt.
Immelt and Wa'ed's Managing Director Jamal Naboulsi addressed a gathering of more than 200 SMEs from the Kingdom, representing diverse economic sectors, including manufacturing, energy, power, aviation, transport and health care, among others.
Naboulsi said: "The mission of Wa'ed is to support the Kingdom's effort to transform into a knowledge-based economy, and to significantly contribute to the creation of quality and sustainable jobs for Saudi nationals.
This mission is accomplished through four comprehensive and unique programs. The first involves supporting the creation or expansion of SMEs through loans, the second involves supporting through venture capital investment, the third program provides specific support to SMEs active in the energy sector and the fourth one focuses on enhancing the entrepreneurship eco-system through collaboration with other relevant entities in the Kingdom." He emphasized the importance of the strategic partnership with GE that involves several programs and activities aimed to support SMEs, stating that the conference is an outcome of the relationship.
Immelt, in his keynote address, stressed the importance of localization. "Everything we produce -- from aircraft engines to health care equipment, locomotives, aircraft engines and water treatment solutions -- are the results of elaborate, carefully integrated networks of suppliers and sub-suppliers. Our suppliers are therefore our integral partners and we devote our resources to strengthening the value chain consistently.
This is particularly relevant for Saudi Arabia, where we have a strong heritage."
He added: "Through our partnership with Wa'ed, we are driving a result-oriented development strategy that will encourage the youth to be involved in the manufacturing and service sector. It is also a natural fit to our growth in the Kingdom, where we are currently rolling out a $1 billion investment, including the GE Manufacturing Technology Center. GE's businesses are integrally linked to the Saudi economy with each business requiring raw materials that can be procured locally. Our focus on working with local partners will further contribute to boosting the economy by creating new jobs and promoting new enterprises, which can potentially be part of our global supply chain."
Since supplying Saudi Arabia with turbo-machinery for its first oil expedition in 1942, GE has bAir Jordan 1 Shoes