GE Vernova: Saudi Manufacturing Is a Cornerstone of Our Global Network

The GE Vernova headquarters. (Asharq Al-Awsat)
The GE Vernova headquarters. (Asharq Al-Awsat)
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GE Vernova: Saudi Manufacturing Is a Cornerstone of Our Global Network

The GE Vernova headquarters. (Asharq Al-Awsat)
The GE Vernova headquarters. (Asharq Al-Awsat)

Hisham Al Bahkali, President of GE Vernova in Saudi Arabia, said that the Kingdom today stands as a central pillar in the company’s global strategy for transforming the energy sector. He noted that GE’s presence in the country, spanning nearly 90 years, has evolved from a commercial footprint into a deep strategic partnership that contributes to the goals of Saudi Vision 2030, particularly in energy efficiency, economic diversification, and the localization of knowledge and technology.

Al Bahkali told Asharq Al-Awsat that GE Vernova’s strategy in Saudi Arabia is closely aligned with national power sector transformation plans. The company is helping support the Kingdom’s ambition to generate half of its electricity from natural gas and the other half from renewable sources by 2030, ultimately achieving net-zero emissions by 2060.

“We are part of a broader effort to build a more sustainable energy future for the Kingdom, driven by local expertise, innovation, and long-term partnerships with national entities,” he said.

GE Vernova’s industrial investments in the Kingdom represent a “practical embodiment” of the company’s commitment to Vision 2030, he went on to say.

He highlighted the role of GE Saudi Advanced Turbines (GESAT) in Dammam, which successfully manufactured the first HA gas turbine in the Kingdom - an achievement marked by the attendance of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz.

The Dammam plant has become an integral part of GE Vernova’s global manufacturing network, exporting gas turbine components to more than 70 countries, even maintaining shipments during the COVID-19 pandemic, said Al Bahkali.

“This reinforces Saudi Arabia’s position as an industrial energy hub,” he stated, “supporting high-value job creation, strong local supply chains, and positioning the Kingdom as an exporter of energy solutions, not merely a consumer.”

Al Bahkali stressed that developing local talent is “at the heart” of GE Vernova’s strategy. The GE Manufacturing & Technology Center in Dammam, which includes manufacturing facilities, a gas turbine service and repair center, and a Decarbonization Center of Excellence, has evolved into a comprehensive platform for training and developing Saudi engineers in advanced technologies and industrial leadership. Saudization at the facility has reached about 65%, with further growth underway.

Al Bahkali added that the company recruits engineers from Saudi universities and sends them to GE facilities worldwide for hands-on experience before taking on leadership roles locally.

Women are also increasingly represented, with around 20% female employment in some departments, and Saudi female engineers now leading full manufacturing cells.

Innovation is another key focus, according to Al Bahkali. GE Vernova is introducing state-of-the-art solutions to the Saudi market, including 7HA.03 gas turbines, among the company’s most powerful and efficient technologies, used in key power plants across the Kingdom while components continue to be manufactured in Dammam.

The Decarbonization Center is also developing low-carbon solutions, carbon capture technologies, and small modular reactors (SMRs) to support Saudi ambitions in hydrogen leadership and a low-carbon energy system.

Al Bahkali highlighted strategic projects supported by GE Vernova in Madinah, Qassim, and Qurayyah, as well as partnerships with the Saudi Electricity Company, including synchronous condenser projects to stabilize the grid as renewable energy expands.

He also cited agreements with ACWA Power and the Saudi Export-Import Bank, covering advanced generation, carbon capture, and technology localization.

“The pillars of Vision 2030, including energy efficiency, economic diversification, and technology localization, directly align with GE Vernova’s mission. We are proud to be part of Saudi Arabia’s new energy story, not only as technology users, but as manufacturers and exporters of solutions to the world,” said Al Bahkali.



Abu Dhabi Ports Signs MoU to Develop, Operate Shuaiba Container Terminal in Kuwait

Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
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Abu Dhabi Ports Signs MoU to Develop, Operate Shuaiba Container Terminal in Kuwait

Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar

Kuwait Ports Authority (KPA) said on Monday it had signed a memorandum of understanding with Abu Dhabi Ports Group to develop and operate the container terminal at Kuwait’s Shuaiba port under a concession agreement.

Shuaiba port, established in the 1960s, is Kuwait’s oldest port. It covers a total area of 2.2 million square metres (543.63 acres) and has 20 berths, while the container terminal has a storage area of 318,000 sqare metres, according to KPA’s website.

The port, located about 60 km (37.3 miles) south of the capital, handles commercial cargo, heavy equipment, raw materials and chemicals essential to various industries.

The MoU represents “the first preliminary step” toward concluding a concession contract, subject to the completion of required studies, KPA said in a statement without disclosing the value of the deal, Reuters reported.

Under the agreement, Abu Dhabi Ports Group will prepare the technical, environmental and financial studies needed for the project, including infrastructure requirements.


Iran’s Rial Currency Plummets to New Low, Sparking Fears of Higher Food Prices

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
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Iran’s Rial Currency Plummets to New Low, Sparking Fears of Higher Food Prices

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)

Iran’s rial slid further Monday to a new record low of more than 1.3 million to the US dollar, deepening the currency’s collapse less than two weeks after it first breached the 1.2-million mark amid sanctions pressure and regional tensions.

Currency traders in Tehran quoted the dollar above 1.3 million rials, underscoring the speed of the decline since Dec. 3, when the rial hit what was then a historic low.

The rapid depreciation is compounding inflationary pressures, pushing up prices for food and other daily necessities and further straining household budgets, a trend that could be intensified by a gasoline price change introduced in recent days.

Iran on Saturday added a third gasoline price tier, raising the cost of full bought beyond monthly quotes at 50,000 rials (4 US cents). It is the first major adjustment to fuel pricing since a price hike in 2019 that sparked nationwide protests and a crackdown that reportedly killed over 300 people.

Under the revised system, motorists continue to receive 60 liters a month at the subsidized rate of 15,000 rials per liter and another 100 liters at 30,000 rials, but any additional purchases now cost more than three times the original subsidized price. While gasoline in Iran remains among the cheapest in the world, economists warn the change could feed inflation at a time when the rapidly weakening rial is already pushing up the cost of food and other basic goods.

The fall comes as efforts to revive negotiations between Washington and Tehran over Iran’s nuclear program appear stalled, while uncertainty persists over the risk of renewed conflict following June’s 12-day war involving Iran and Israel. Many Iranians also fear the possibility of a broader confrontation that could draw in the United States, adding to market anxiety.

Iran’s economy has been battered for years by international sanctions, particularly after Donald Trump unilaterally withdrew the United States from Tehran’s nuclear deal with world powers in 2018. At the time the 2015 accord was implemented — which sharply curtailed Iran’s uranium enrichment and stockpiles in exchange for sanctions relief — the rial traded at about 32,000 to the dollar.

After Trump returned to the White House for a second term in January, his administration revived a “maximum pressure” campaign, expanding sanctions that target Iran’s financial sector and energy exports. Washington has again pursued firms involved in trading Iranian crude oil, including discounted sales to buyers in China, according to US statements.

Further pressure followed in late September, when the United Nations reimposed nuclear-related sanctions on Iran through what diplomats described as the “snapback” mechanism. Those measures once again froze Iranian assets abroad, halted arms transactions with Tehran and imposed penalties tied to Iran’s ballistic missile program.

Economists warn that the rial’s accelerating decline risks feeding a vicious cycle of higher prices and reduced purchasing power, particularly for staples such as meat and rice that are central to Iranian diets. For many Iranians, the latest record low reinforces concerns that relief remains distant as diplomacy falters and sanctions tighten.


Industry Minister Inaugurates Made in Saudi Expo 2025

Industry Minister Inaugurates Made in Saudi Expo 2025
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Industry Minister Inaugurates Made in Saudi Expo 2025

Industry Minister Inaugurates Made in Saudi Expo 2025

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef inaugurated the third Made in Saudi Expo 2025 at the Riyadh International Convention and Exhibition Center in Malham, organized by the Saudi Export Development Authority through the Made in Saudi Program, with Syria’s Minister of Economy and Industry Dr. Mohammad Nidal al-Shaar in attendance.

The Syrian Arab Republic has been invited as the Guest of Honor at the exhibition, which has attracted strong participation from public and private sector organizations, as well as leading national manufacturers and industry leaders, SPA reported.

In his opening remarks, Alkhorayef emphasized that the exhibition serves as a key platform for showcasing advancements in Saudi industry, the quality of its products, and their competitiveness in local and international markets. He added that it is also an important venue for establishing strategic partnerships that support the growth of national industries.

He pointed out that the Made in Saudi Program, launched in 2021 under the esteemed patronage of HRH the Crown Prince, reflects the Kingdom's ambition to become a leading industrial power. Achieving this goal involves building consumer trust in its products and services in both domestic and global markets by nurturing local talent and innovation, promoting national products, and strengthening companies’ capabilities to expand internationally.

He also highlighted that Saudi non-oil exports have achieved remarkable success, reaching SAR515 billion in 2024, with historic results in the first half of 2025, demonstrating the highest half-year value of SAR307 billion. These figures underscore the industry’s vital role in diversifying the national economy in line with the objectives of Saudi Vision 2030.

The opening ceremony also welcomed the Syrian Arab Republic as this year’s Guest of Honor, highlighting the participation of more than 25 Syrian companies to present opportunities for industrial cooperation and integration, reflecting the strong fraternal ties between the two nations.

Alongside the exhibition, over 25 workshops are being conducted, while more than 50 memoranda of understanding are set to be signed.