GE and Dubai Holding sign strategic agreement
GE and Dubai Holding signed a non exclusive Memorandum of Understanding to cooperate in identifying and investing in high technology projects across the Middle East and North Africa. The partnership will focus its efforts on the development of regional infrastructure and industrial projects.
According to the agreement, GE as part of its existing industrial activities will identify and source opportunities for investment in key Regional infrastructure projects and Dubai Holding will selectively invest in projects developed by GE industrial businesses.
Jeffery Immelt, Chairman of the Board and CEO of GE and Mohammad Al Gergawi, Executive Chairman of Dubai Holding, signed the Memorandum of Understanding. Others present at the signing were Nani Beccalli-Falco, President & CEO of GE International, Nabil Habayeb, President & CEO, GE Middle East and Africa, Farid Fezoua, MEA leader for GE Capital Markets – Corporate, Keith Sherin, Chief Financial Officer, GE and Sameer Al Ansari, CEO, Dubai International Capital.
GE, the global technology leader with its portfolio of infrastructure businesses, is evaluating several opportunities to expand its presence across the region. This agreement will provide a framework for Dubai International Capital, the international investment arm of Dubai Holding to invest into infrastructure projects where GE industrial businesses will take an active part. Dubai International Capital will therefore be able to expand its investment portfolio and to participate through investment in infrastructure and industrial ventures in tandem with GE.
Jeffery Immelt, Chairman of the Board and CEO of GE, said: “We are very pleased that Dubai Holding has agreed to work with us in growing the infrastructure and industrial sectors across the region. This understanding will ensure that the most advanced technology in the world will be deployed here with the most optimum means of financing to be facilitated by Dubai Holding and GE’s Capital Markets – Corporate group. The track records of both our companies in development efforts in the region are impressive and our partnership aims to build on them.”
Mohammad Al Gergawi, Executive Chairman of Dubai Holding said: “With the signing of our partnership with GE, Dubai Holding has once again demonstrated its commitment to regional development goals. Our vision is to enable regional governments and companies to raise their infrastructure levels to meet the growing needs and to be confident of the source of funding and technology. We will soon be in a position to announce our major joint development initiatives.”