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.



Saudi Energy Minister Says Kingdom Remains Reliable, Flexible Supplier

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
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Saudi Energy Minister Says Kingdom Remains Reliable, Flexible Supplier

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

Saudi Energy Minister Prince Abdulaziz bin Salman seized the spotlight at a high-level dialogue session held during the 2026 St. Petersburg International Economic Forum, breaking a strategic silence that had become a focus of questions and a gauge for global market expectations.

Speaking on Thursday, he delivered carefully calibrated messages to the energy sector, stressing that the world urgently needs stability in energy markets and declaring with confidence that the Kingdom is a flexible energy supplier, was, and will remain so under all circumstances.

In his remarks during a special session at the forum, where the Kingdom is taking part as “main guest of honor” as the two countries mark the centenary of diplomatic relations, Prince Abdulaziz acknowledged that current geopolitical events in the Middle East were distracting attention and obstructing focus on Saudi Arabia’s strategic priorities, foremost among them the goals of Vision 2030.

He described the situation as a source of considerable frustration.

Even so, he sent a strong message of reassurance to global markets, saying in a firm tone that it was their duty, and that of every Saudi citizen, to defy this difficult environment and continue to pursue their ambitions.

The Kingdom has the capability and confidence to address challenges and demonstrate its economic and operational resilience, he added.

He pointed to what he described as the success of Saudi Arabia’s infrastructure and logistics system in turning tragedies into opportunities, and in managing the Hajj season with unprecedented success despite the surrounding regional turmoil.

On the partnership with Moscow, the Saudi Energy Minister announced the signing of 30 new cooperation agreements between the private sectors in the two countries across fields including industry, education, tourism, and energy.

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

Prince Abdulaziz said the Kingdom will sign agreements across various fields and that there are no limits or restrictions on joint cooperation.

He added that the strategic mindset in Riyadh and Moscow had moved beyond being merely “producers of oil or gas” to “manufacturing and supplying energy in its comprehensive sense,” including hydrocarbons and the export of electrons.

In an explanation of his earlier position, which had kept oil traders on edge, Prince Abdulaziz said he had deliberately remained silent during the period that witnessed one of the most severe global energy crises.

A minister is required to maintain his composure and not panic, because panic makes a person lose control of the narrative, he explained.

He moved on to express his intention to maintain silence, because silence amid many unknowns is a message and a humble acknowledgment that reality is changing quickly, and is a form of respect for oneself and for others.

He concluded his assessment of current market conditions with a pointed remark reflecting the scale of uncertainty clouding the global scene.

“The situation we’re going through now does make a point here, which is the world needs every molecule of energy, and every form of stabilization to this energy, because without energy security, you will lose sustainability,” the Saudi minister said.

“There are so many moving parts, there are so many unknowns, there are things that you think have become a reality, but then you wake up in the next morning and the reality is no longer a reality.”

Novak says the market faces a 12 million barrel shortfall

For his part, Russian Deputy Prime Minister Alexander Novak described the current crisis in the international oil market as unprecedented, with no parallel even in the 20th century.

Novak said Russia would deal with the Western sanctions imposed on it with flexibility and complete calm, given its position as a key supplier of energy resources to the international market.

He warned of a large, hidden shortfall in global supply, estimated at about 12 million barrels per day that are currently not reaching the market.

He said global markets had not yet felt the full impact of the energy crisis caused by the Middle East conflict because the situation was being managed through withdrawals from surplus reserve inventories.

Novak cautioned that if the conflict continues and Gulf states delay increasing production, the market will face an acute and immediate physical shortage of supplies within a few months.

In his analysis of the producers’ alliance, Novak stressed that the OPEC+ agreement remains a key driver of energy market direction.

He said its members control more than 50% of global production and more than 40% of total exports, adding that the agreements have proven highly efficient at curbing volatility and reducing market fluctuations.

Novak said current data gave countries an opportunity to accelerate compliance, describing the existing approach as a “standard and normal course” that allows countries that had previously exceeded their quotas for any reason to implement compensation plans for their earlier overproduction more quickly.

On Russia, Novak said technical analytical calculations to determine Russia’s maximum production ceiling are continuing in cooperation with the companies concerned, and would be discussed with partners by the end of 2026.

He expected Moscow to effectively reach its assigned production levels this year under the agreed quotas, despite current output being slightly lower than at the start of the year because several refineries were undergoing “emergency and unscheduled maintenance.”

Expectations of strong demand

OPEC Secretary General Haitham Al Ghais said the organization expects robust oil demand growth and would not change its estimates despite the conflict in the Middle East and the closure of the Strait of Hormuz.

“Despite all the commentary out ⁠there that oil demand is declining, we have not registered signs of that yet,” Al Ghais said.

“We still see robust demand growth at 1.2 million barrels a day for this year,” he said.

He also said investment in the oil sector should not be affected by "one-off events" that may occur anywhere in the world.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi told the session that renewable energy is a top priority to reduce dependence on natural gas. He said Egypt is working hard to increase electricity generation from wind and hydropower to secure a sustainable energy mix.

Markets hold their breath before the Sunday marathon

The remarks made at the forum on Thursday carry major significance as a prelude and practical indicator of the direction of leading producers ahead of decisive oil-related meetings next Sunday.

That day will see three consecutive meetings, beginning with OPEC’s administrative conference, followed by the 66th meeting of the Joint Ministerial Monitoring Committee, or JMMC, which is responsible for monitoring compliance levels, consensus, and the approval of current compensation plans.

Investors are closely watching the 41st ministerial meeting of the OPEC+ alliance. Informed sources said the alliance is likely to approve an additional gradual increase in its targets for next July.


OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
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OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

OPEC expects robust oil demand growth and is not changing its estimates, Secretary General Haitham Al Ghais said on Thursday at the St. Petersburg International Economic Forum, despite the Middle East conflict and closure of the ⁠Strait of Hormuz.

"Despite ⁠all the commentary out there that oil demand is declining, we have not registered signs of that yet," ⁠Reuters quoted Al Ghais as saying.

"We still see robust demand growth at 1.2 million barrels a day for this year," he said.

He also said that investments in the oil industry should not be affected by "one-off events" that happen ⁠anywhere ⁠in the world.

"We need to invest well ahead of time to be prepared for the demand that we see in the future," he said.


Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
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Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt aims to list four to five state-owned companies on the Cairo stock exchange before the end of the year as part of its state asset sales strategy, Prime Minister Mostafa Madbouly said on Thursday.

The government also plans to shift from in-kind subsidies to cash subsidies during the coming financial year, as part of efforts to improve the targeting of social support, Madbouly said at a press conference, Reuters reported.

It does not aim to reduce the monetary value of subsidies but rather ensure they reach those entitled to receive them, he added.

More than 60 million people receive subsidised essential commodities through state-run outlets, while at least 10 million others benefit from subsidised bread.