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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)
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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.

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IMF, World Bank Meetings Show Limits in Mitigating Shocks, Reliance on US for Solutions

A street food vendor uses a mobile phone while waiting for customers on a street in Hanoi on April 17, 2026. (AFP)
A street food vendor uses a mobile phone while waiting for customers on a street in Hanoi on April 17, 2026. (AFP)
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IMF, World Bank Meetings Show Limits in Mitigating Shocks, Reliance on US for Solutions

A street food vendor uses a mobile phone while waiting for customers on a street in Hanoi on April 17, 2026. (AFP)
A street food vendor uses a mobile phone while waiting for customers on a street in Hanoi on April 17, 2026. (AFP)

Global finance leaders, whipsawed by Middle East war news, came to grips this past week with their inability to mitigate the economic damage from increasingly frequent geopolitical shocks, and a realization that counting on US leadership to resolve crises is no longer the guarantee it had long been.

At International Monetary Fund and World Bank Spring Meetings in Washington, participants swung from gloom over a worsening global economic outlook due to deepening energy price and supply shocks to tentative optimism as it appeared Iran may reopen the Strait of Hormuz and allow flows of oil, gas, fertilizer and other commodities to resume.

By Saturday that optimism was already fading amid new attacks on shipping. The IMF and the World Bank pledged up to a combined $150 billion in new financing assistance for developing countries hit hardest by the massive energy price shock, and celebrated their re-engagement with Venezuela's acting government after a seven-year pause.

They warned countries not to hoard oil and not to go overboard with expensive and untargeted fuel price subsidies. But in the end, there was not much they could do but watch statements from Tehran and the White House.

"Actually, some of ‌the most important decisions ‌on the global economy are not happening here," Josh Lipsky, international economics chair at the Atlantic Council, said of the ‌IMF ⁠and World Bank campus.

"The ⁠single most important development in the global economy happened between the US and Iran," he said. "We hope it's good news, and we'll wait and see."

Despite buoyant stock markets and a sharp drop in oil futures prices on Friday, Saudi Arabia's Finance Minister Mohammed Al-Jadaan summed up the mood of many officials when he said he would not be comfortable predicting an improved outlook until tankers start moving freely through the strait again with reasonably priced insurance and physical energy prices dropping.

"If the clear waters are open," Al-Jadaan told a news conference, "I think that's what would trigger, for me, a change in the scenario."

As soon as the IMF released a mild cut in its global growth forecast for 2026 to 3.1% under the most optimistic of three scenarios it devised for the task, it said that was already outdated and that the global economy was drifting towards a more adverse growth scenario of just 2.5%. ⁠The fund's latest World Economic Outlook said a prolonged war could push the global economy into recession.

SHOCK AFTER SHOCK

Before the US ‌and Israel launched attacks on Iran at the end of February, the global economy had just been recovering from ‌last year's shock from President Donald Trump's wave of steep tariffs on global trading partners. Discussions of trade tensions were more muted at this year's meetings, as was Russia's war on ‌Ukraine, though G7 finance ministers pledged to keep up pressure on Russia.

But a constant drumbeat of shocks that started with the COVID-19 pandemic in 2020 and Russia's ‌invasion of Ukraine in 2022 was teaching countries the US is no longer "the general" of the international order and would not necessarily provide solutions, Lipsky said.

US Treasury Secretary Scott Bessent on Friday launched an initiative calling for G20 countries, the IMF and World Bank to take coordinated action to ensure adequate access to fertilizers amid supply disruptions from Gulf countries. But seven weeks after the war's start, that will do little to ease shortages and high prices for farmers now planting spring crops across the Northern Hemisphere.

Kevin Chika Urama, chief economist at the African Development Bank, said the ‌Middle East crisis provided a fresh imperative for African countries to deepen regional trade and economic ties, work on alternative energy sources, expand their domestic tax bases, and tap into enormous natural gas reserves.

"Geopolitical tensions are the new normal ⁠and uncertainty in policymaking has become certain," he ⁠told a panel with other chief economists from the multilateral institutions.

NOT OUR WAR

Finance ministers, central bankers and other officials attending the meetings expressed frustration at being thrust into another economic calamity by Trump's actions.

Behind closed doors, officials, particularly from Europe, sent a clear message to the US that Washington needed to take action to reopen the strait, a senior finance official who attended the meetings said. In public, the comments were more diplomatic with less finger-pointing.

"The knot of this conflict is the Strait of Hormuz. We need this to open, but not at any price," French Finance Minister Roland Lescure told reporters. "I don't want to pay a dollar to go through the Strait of Hormuz."

Successive shocks, including this war, have scrambled planning for developing economies "and you hardly have time to breathe," Retselisitsoe Adelaide Matlanyane, Lesotho's Minister of Finance and Development Planning, said during a panel of African ministers.

"For small, open, and vulnerable economies like Lesotho, these shocks have presented extraordinary pressures on the fiscals, on prices and on everything."

Matlanyane said managing debt has now become very complex and the tensions have "brought on a sense that we have to rethink policy and we have to think differently."

"It's frustrating dealing with this," she told Reuters.

For Thailand, a net energy importer that will host IMF and World Bank annual meetings in October, the lingering effects of destroyed Gulf oil and gas infrastructure will keep prices elevated for a long time, said Ekniti Nitithanprapas, deputy prime minister of Thailand.

But he said the crisis was an opportunity for Thailand to reduce its reliance on fossil fuels and boost the role of renewable energy, including solar farms - the opposite of Trump's energy agenda. "We need to commit to transform... to help people transform to face the new fragmented world and high oil prices," Nitithanprapas said.

Business

Saudi Food Self-Sufficiency Shields Economy from Hormuz Crisis

Containers are seen at a port in Saudi Arabia. (SPA)
Containers are seen at a port in Saudi Arabia. (SPA)
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Saudi Food Self-Sufficiency Shields Economy from Hormuz Crisis

Containers are seen at a port in Saudi Arabia. (SPA)
Containers are seen at a port in Saudi Arabia. (SPA)

The closure of the Strait of Hormuz has pushed global energy and food security to the brink. Saudi Arabia responded by positioning itself as a stabilizing force, turning its western coastline into a lifeline that not only protected its domestic market but also helped offset shortages in neighboring countries.

A proactive strategy that raised self-sufficiency in key food products above 100% helped the Kingdom mitigate the fallout from the geopolitical crisis. Backed by efficient logistics and strong local content, Saudi food security has evolved beyond a statistical benchmark into a pillar capable of absorbing global shocks and keeping goods flowing smoothly amid turbulence.

Official data underlines that shift. The General Authority for Statistics’ 2024 food security report showed record increases in self-sufficiency across several plant and animal products compared with 2023, with some exceeding 100%.

The gains were driven by sustained investment in agriculture, stronger domestic supply chains and diversified import sources. Together, they shielded the local market from sharp disruptions, helping stabilize prices and maintain supply, reinforcing food security as a core pillar in managing global crises.

Ports have been central to that effort. Shura Council member Fadel bin Saad Al-Buainain said Saudi Arabia’s strategic location on the Red Sea and the Gulf provides multiple high-efficiency ports supported by integrated logistics that sustain flows of goods and cargo.

He said the Kingdom faced no difficulty meeting demand or exporting goods after the closure of the Strait of Hormuz, successfully using Red Sea ports as an alternative route. That ensured uninterrupted flows, avoided shortages or price spikes, and strengthened confidence in government measures to contain the impact of geopolitical tensions.

Saudi efforts extended beyond its borders. Al-Buainain said the Kingdom helped compensate for shortages in Gulf states whose imports were disrupted, using Red Sea ports, expanding storage capacity, activating fast-track transit agreements and linking Gulf ports to move goods, alongside overland transport.

“These are tremendous efforts that went beyond the Kingdom’s borders to reach all Gulf states, reinforcing cooperation and integration and underscoring the importance of the Gulf Cooperation Council,” he told Asharq Al-Awsat.

Strengthening local content has been key. Al-Buainain said the Kingdom achieved significant self-sufficiency, particularly in agriculture, alongside other goods including oil-sector industrial parts, whose local availability helped facilities recover quickly after what he described as Iranian attacks.

Sustained local supply has been central to curbing inflation and stabilizing prices, while strategic reserves of essential goods have served as an effective buffer, enabling the state to absorb shocks and meet market demand without disruption, he stressed.

The availability of imports does not guarantee price stability, as rising costs, particularly in air freight, have driven price increases in markets rather than shortages, he added.

Strategic reserves also help regulate prices, Al-Buainain said, noting the role of the Ministry of Commerce in pricing stockpiles at reasonable levels and preventing exploitation during crises.

Saudi Arabia’s transport and logistics system has leveraged its strategic location to generate economic returns while strengthening national security in its broader sense, including food, medical and commodity security, whether sourced locally or imported through western ports.

Osama bin Ghanem Al-Obaidy, an adviser and professor of commercial law, said the Kingdom’s push to develop agriculture and livestock sectors had driven self-sufficiency rates above 100% in several products, reflecting the strength of local production and its ability to meet both domestic and external demand.

Those efforts helped maintain supply and stabilize prices during the Hormuz crisis, which disrupted shipments and drove up shipping and insurance costs, contributing to a sharp rise in global food prices, particularly wheat and rice, he told Asharq Al-Awsat.

Al-Obaidi said the crisis strained global supply chains, causing bottlenecks in goods and vital fertilizers as shipping through the strait declined. Saudi western ports, led by Jeddah Islamic Port and Yanbu, have become key logistics hubs, securing domestic supply while serving as vital arteries for neighboring countries.

Data from the statistics authority showed shrimp self-sufficiency at 149%, dairy products at 131% and table eggs at 103%.

Vegetable self-sufficiency also reached high levels, with eggplant at 105%, okra at 102%, cucumbers at 101% and zucchini at 100%. Dates recorded the highest rate among fruits at 121%, followed by figs at 99%.

In livestock, data from the Ministry of Environment, Water and Agriculture showed the Kingdom met 61% of its red meat needs locally, with production exceeding 270,000 metric tons. That stability boosted market resilience and its ability to meet rising demand, especially during peak seasons.

In poultry, a key component of the Ramadan food basket, self-sufficiency reached 72%, with production surpassing 1 million metric tons. The surplus not only met local demand but also supported exports, alongside tighter oversight to ensure market stability and protect supply chains from external shocks.

The result has reinforced Saudi Arabia’s position as a global contributor to sustainable food security, backed by an outward investment strategy that includes stakes in major producers such as Brazil’s BRF and Ukraine’s MHP, helping secure supplies at source.

Business

US Renews Russian Oil Waiver for a Month to Curb Global Energy Prices

US Treasury Secretary Scott Bessent speaks with reporters in the James Brady Press Briefing Room at the White House, Wednesday, April 15, 2026, in Washington. (AP)
US Treasury Secretary Scott Bessent speaks with reporters in the James Brady Press Briefing Room at the White House, Wednesday, April 15, 2026, in Washington. (AP)
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US Renews Russian Oil Waiver for a Month to Curb Global Energy Prices

US Treasury Secretary Scott Bessent speaks with reporters in the James Brady Press Briefing Room at the White House, Wednesday, April 15, 2026, in Washington. (AP)
US Treasury Secretary Scott Bessent speaks with reporters in the James Brady Press Briefing Room at the White House, Wednesday, April 15, 2026, in Washington. (AP)

Washington renewed on Friday a waiver allowing countries to buy sanctioned Russian oil at sea for about a month, even as lawmakers accused the government ‌of going easy on Moscow as its war on Ukraine grinds on.

The Treasury Department's waiver lets countries purchase Russian oil and petroleum products loaded on vessels as of Friday through May 16.

It replaces a 30-day waiver that expired on April 11 and excludes transactions involving Iran, Cuba and North Korea.

Reversal

The move is part of the administration's effort to control global energy prices that have shot higher during the US-Israeli war with Iran.

It came after countries in Asia, suffering from the global energy shock, pressed Washington to allow alternative supplies to reach markets.

“As negotiations (with Iran) accelerate, Treasury wants to ensure oil is available to those ⁠who need it,” a Treasury Department spokesperson said.

Last Wednesday, Treasury Secretary Scott Bessent said Washington would not be renewing the waiver for Russian oil and another for Iranian oil, which is set to expire on Sunday.

Global oil prices tumbled 9% on Friday to about $90 a barrel after Iran temporarily reopened the Strait of Hormuz, an oil choke point in the Gulf. But the war has already created the worst global energy supply disruption in history, the International Energy Agency has said.

The war, which enters its eighth week on Saturday, has damaged more than 80 oil and gas facilities in the Middle East, and Tehran has warned it could close the strait again if the recent US Navy blockade of Iranian ports continued.

High oil prices are a threat to President Donald Trump's fellow Republicans ahead of November's midterm elections.

Trump has also faced pressure from partner countries on the oil price.

A US source told Reuters partner countries on the sidelines of Group of 20, World Bank and International Monetary Fund meetings ‌in Washington ⁠this week had requested the US extend the waiver. Trump also spoke about oil this week in a call with Prime Minister Narendra Modi of India, a big purchaser of Russian oil.

The waiver on Iranian oil, which the Treasury Department issued on March 20, allowed about 140 million barrels of oil to reach global markets and helped relieve pressure on energy supply, Bessent said last month.

Lasting damage

US lawmakers from both political parties had slammed the administration over the sanctions waivers, saying they stood to help the economy of Iran while it was at war ⁠with the US and of Russia as it was at war with Ukraine.

The waivers could impede the West's efforts to deprive Russia of revenue for its war in Ukraine and put Washington at odds with its allies. European Commission President Ursula von der Leyen has said now is not the time to relax sanctions against Russia.

Russian President Vladimir Putin's special envoy Kirill Dmitriev ⁠said an extension of the US waiver will affect another 100 million barrels of Russian oil, bringing the total volume affected by both waivers to 200 million barrels.

Dmitriev, who travelled to the US on April 9 for meetings with members of the Trump administration ahead of the previous waiver expiry, said on his Telegram channel that the ⁠extension faced “active political opposition.”

Brett Erickson, a sanctions expert at the consulting firm Obsidian Risk Advisors, said Friday's renewal is likely not the last waiver Washington will issue.

“The conflict has done lasting damage to global energy markets, and the tools available to stabilize them are nearly exhausted,” Erickson said.