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Saudi Exim and GE Vernova agree cooperation protocols

27 February 2025

Saudi Export-Import (Exim) Bank and US-based GE Vernova have announced detailed protocols of cooperation to define how they will move forward with plans to grow non-oil exports from Saudi Arabia.

Neither party disclosed the details, apart from the fact that the cooperation protocols build on the memorandum of understanding (MoU) that both parties signed in July 2024.

At the time, the MoU aimed to enable the export of GE Vernova goods and services from Saudi Arabia through lending and insurance support from Saudi Exim Bank.

The announcement coincided with the US-based energy technology firm’s New Era of Energy Forum held in Riyadh.

Other announcements from the event include GE Vernova planning to make a “significant investment” to expand its GE Saudi Advanced Turbines (GESAT) facility located in Dammam.

The investment will enable the local production of high-voltage gas-insulated switchgear and the timely delivery of “essential, long-lead equipment critical for the modernisation of the country’s electrical infrastructure”.

GE Vernova will also expand the production capacity at its GE Manufacturing Technology Centre (GEMTEC) facility in Dammam to advance grid automation products, services and solutions in Saudi Arabia.

According to the firm, this investment aims to accelerate grid digitalisation and modernisation, reinforcing its “long-term commitment to a more efficient, reliable and sustainable power network”.

In partnership with state utility Saudi Electricity Company (SEC), GE Vernova also completed the first-ever heavy-duty gas turbine outage led entirely by Saudi national engineers and specialists at Riyadh’s 8th Power Plant (PP8).

Finally, GE Vernova’s Electrification Software business also announced signing an MoU with SEC to help the kingdom digitise, modernise and accelerate initiatives to help deliver Vision 2030.

SEC agreed to collaborate with GE Vernova to explore GE Vernova’s GridOS, a proprietary software portfolio designed for grid orchestration, and help develop a Regional Centre of Competency and Excellence in Riyadh.

Photo credit: GE Vernova

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Jennifer Aguinaldo

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