General Electric (GE) remains committed to investments in Saudi Arabia and is undeterred by the drop in oil prices, a senior executive of the multinational firm said Tuesday.
John G. Rice, vice chairman of GE, told a local newspaper: “The decline in oil prices has not changed our view toward investing and operating in the Kingdom or its future prospects. The Kingdom enjoys the expertise of an experienced government management team willing to proceed regardless of whether oil prices reach $25, $50 or $100 a barrel.” 
He said it was difficult to predict what would happen in future, so countries should prepare for all eventualities. “This is exactly what is happening today in the Kingdom. The Saudi government is taking drastic measures to ensure continued good economic performance no matter how much prices decline,” he said. 
He said the company was eager to explore partnerships, and this was under discussion at the Global Supplier Forum launched by GE in Riyadh on Wednesday. “The Kingdom is a big country in terms of geographical area and we are taking the right steps that will yield positive benefits.”
He said the company was working to solidify its partnership with the Saudi Arabian Industrial Investments Company (SAIIC), to help achieve the goals of Saudi Vision 2030. 
He said the forum was organized three months ago, before the announcement of Vision 2030. 
He noted that GE began investing in the Kingdom in the 1930s. Four years ago, GE announced significant investments of $1 billion in the Kingdom, including the expansion of GE Manufacturing and Technology Center, he said.
Last month, GE announced it was working on several new projects in Saudi Arabia as part of the reform drive, including a $400 million forging and casting venture with Aramco that would supply materials to the marine and energy industries. The facility will be operating by 2020, creating over 2,000 jobs.
GE is also developing a maintenance facility for military aviation engines and a manufacturing facility for light-emitting diode (LED) lighting products, as well as training, biotechnology and radiology operations.
The projects will help increase the number of Saudi suppliers to GE to 300 from 150, as the company aims eventually to export more than $100 million of products and services annually from Saudi Arabia, it said.

Source: Arab News