In a compelling example of its commitment to supporting local industries, a key goal of Saudi Vision 2030, GE has been a partner and an advocate for the growth of Wahah Electric Supply Company of Saudi Arabia Ltd. (Wescosa), which manufactures a range of products locally for the power generation, transmission and distribution industry. As a leading ‘Partner for Transformation' in the Kingdom, GE's six-year relationship with Wescosa highlights how a partnership with a Saudi business can enable impactful national growth and create new economic opportunities for the Saudi business community. Working with Wescosa, GE shared its best practices and knowledge, and qualified it as trusted GE supplier – a rigorous process that is a major investment for both parties.
When GE first toured the Wescosa facility, the company explained its ambitious plans for building local capabilities and underlined how a partnership will not only help both entities to expand its business, but to also create new jobs for Saudis and increase business competitiveness.
Today, Wescosa supplies transformers to GE and provides equipment to the GE Oil & Gas business in the Kingdom and over the course of time, the partnership has secured SR25 million in orders for the Saudi company. The partnership also aims to build a solid foundation for Wescosa to expand its business footprint into regional and global markets, a core aim of Saudi Vision 2030.
Hisham Al Bahkali, GE's President & CEO for Saudi Arabia and Bahrain, said: "The cooperation we have with Wescosa has created a win-win partnership that contributes to fulfilling the goals of Saudi Vision 2030. We are committed to working with our partners to strengthen the local supply chain."
"The ‘Made in Saudi' products of Wescosa today are part of our global supply chain, and has created opportunities for the company to boost its export orders. By working with a local Saudi suppliers, we are in turn closer to our Saudi customers by creating in-country value through job creation, supply chain development and enhancing the competitiveness of the economy."
Tariq Al Tahini, President & CEO at Electrical Industries Co., added: "Since our inception in 1976, we have been working to meet the growing demand of the oil & gas, energy and power sectors through our products, designed and manufactured in Saudi Arabia. Our focus on local manufacturing of high quality oil filled transformers and electrical equipment, as well as our cable management and industrial services, were an ideal fit to our own and GE's localization initiatives, complementing Saudi Aramco's IKTVA program."
"Partnering with GE helps us to compete not only locally but on a global scale. We share the common values of local innovation, quality, upskilling Saudi youth, building a knowledge-based economy and creating a vibrant local supply chain - all key values outlined in Saudi Vision 2030."
In June 2016, GE underpinned its long-term commitment to developing the local Saudi supply chain by holding the GE Global Supplier Forum in Riyadh, bringing together over 500 partners and suppliers from 20+ countries to support the aims of Saudi Vision 2030. The forum, held in partnership with MODON, SAGIA and other Saudi organizations, was successful in engaging with international and local suppliers with the regards to the business opportunities in the Kingdom through international collaborations and strengthen public-private partnerships.
Also in 2016, GE was extremely proud to win the ‘Best in Supplier Development' honor at the Saudi Aramco In Kingdom Total Value Add (IKTVA) Excellence Awards for its ongoing work in creating economic contribution via local Saudi suppliers, developing the local talent pool and enabling local suppliers to grow not only in the Kingdom but also in the region and globally.
Wescosa offers a wide-range of products designed and manufactured to meet the highest quality standards of the power generation and distribution industry. In 1980s, it became an independent 100 per cent Saudi owned manufacturing company. In 2007, Wescosa became part of Electrical Industries Company, and became a GE supplier in 2011 working with various GE businesses to this day.
GE has over eight decades of partnership in the Kingdom. It has a 2,000-strong workforce, with 50 per cent of its talent in highly skilled engineering and technology roles, and a Saudization rate of over 70 percent. Through its local investments, GE has a strong supplier base of Saudi SMEs with the goal of increasing that number to 300 by 2020. — SG
