GE optimistic about Middle East power business opportunities
The company is eyeing Saudi Arabia’s growing prospects in renewable energy, particularly in wind and solar
General Electric (GE) is looking forward to taking advantage of growing opportunities within the Middle East power landscape as well other business sectors.
Nabeel A. Habayeb, president and CEO of GE for Middle East, North Africa and Turkey said the region remains an important market for the company.
“We have a positive outlook for the region and the price of the oil certainly helped move projects little bit faster. There is a lot of appetite around the world to finance projects in this part of the world and this will also help move projects forward,” said Habayeb in an interview with Gulf News at last week’s Abu Dhabi Future Energy Summit.
The company is eyeing Saudi Arabia’s growing prospects in renewable energy, particularly in wind and solar. Saudi Arabia aims to generate 9.5 gigawatts from renewable energy sources by 2023 with investments ranging between $30bn and $50bn.
Habayeb said there would soon be announcements relating to a huge number of investments on the renewable side in Saudi Arabia and these would be split between solar and wind as well.
The company is also looking at new investment opportunities in Neom, the $500 billion futuristic city unveiled by the Saudi government in October last year.
GE is coordinating with Saudi Arabia on how they could help in the development of the city whether in solar, wind, or digital or grid side, according to Habayeb.