Emerson announces $25m KSA investment
Firm set to create technology and innovation centre
Emerson is set to invest US $25 million into Saudi Arabia, with the announcement of plans to create a technology and innovation centre in cooperation with the King Fahd University of Petroleum and Minerals in the Kingdom of Saudi Arabia. The firm has signed an agreement to lease land in the Dhahran Techno Valley for a new training centre.
“The aim of Dhahran Techno Valley is not financial profit but we are focusing on the developmental aspects; patents, contributions to buildings factories, establishing companies that attract Saudi employees, all of which results in economic and developmental returns for the Kingdom in general and these investments puts the Kingdom on the forefront in international scientific research,” said Dr Khaled Al-Sultan, Rector of King Fahd University of Petroleum and Minerals.
Emerson president and COO, Ed Monser, speaking at the signing of the land lease, said, “Globally, Emerson has a strong track-record of new technology development, investing US $800 million in engineering and development in 2011 and employing more than 8,000 engineering and development personnel in worldwide research and development. The KFUPM agreement, however, is the first time we have invested a single amount of this size, which will be dedicated solely to technology development and innovation, in any single local market. Today underscores the critical importance of KSA to Emerson’s growth in the Middle East and Africa region, and our commitment to training and recruiting Saudi employees and KFUPM graduates.”