General Electric Co. (NYSE: GE) Eyes for Growth in Saudi Arabia

General Electric Co. (NYSE: GE) Hopes to make Saudi Arabia a manufacturing hub in the Islamic world as the company seeks to build its revenue from last year’s total of $3 billion.

General Electric Co. (NYSE: GE) is focused on building its Saudi investments in manufacturing, job creation and energy development, said Akram Hamad in an interview with Bloomberg. “By 2013, Saudi Arabia will be the manufacturing hub for GE in the Islamic bloc,” he said.

General Electric Co. (NYSE: GE) and other U.S. companies are hoping to expand in the region’s largest economy as Saudi Arabia is implementing a $400 billion stimulus package to boost economic growth and build out its infrastructure. Saudi Arabia’s stimulus package is the largest out of the G20 in terms of its GDP.

“There are a lot of projects and the government is playing a key role in stimulating the economy,” Hamad said. “We are not afraid about any slowdown in business,” saying that the company’s revenue in Saudi Arabia should exceed last year’s number.

Companies globally are competing for contracts to build out railways, oil processing plans, electricity plants and water facilities in the country. He said that “With the increasing role of the government in 2008-09 amid the financial crisis globally, we put more focus on government stimulus and worked more closely with the government.”

General Electric Co. (NYSE: GE) recently met with Saudi Arabia during the U.S.-Saudi Business Opportunities Forum in Chicago in April. After the meeting, General Electric Co. (NYSE: GE) announced a strategic partnership with the Saudi Ministry of Industry and Commerce. The company will treat Saudi Arabia as a global supply-chain and manufacturing center, Hamad said.