The Kuwait Direct Investment Promotion Authority (KDIPA) has issued an investment license to the global company 'General Electric' to establish the "GE Kuwait Technology Center" as a limited liability Kuwaiti Company. The company will benefit from the incentives and exemptions granted by Law No. 116 of 2013 regarding the Promotion of Direct Investment in the State of Kuwait, the KDIPA said in a press release sent to KUNA.
The "GE Kuwait Technology Center" will be one of the first of its kind outside the United States, with an expected investment value of KD 25 million (US$ 82.9 million), it said. The Centre aims to encourage research and development (R&D) in the energy generation sector in Kuwait, provide simulators and testing labs, encourage finding solutions and maintenance services, offer operational training and comprehensive programs for capacity building of Kuwaitis, and develop export-oriented tooling solutions given the special nature of Kuwait's climate.
This will be an addition to enhancing the advancement of Kuwait's energy sector, and promoting national exports to the regional markets, which will further foster Kuwait's competitiveness, it added. The KDIPA's Director General Dr. Meshaal Jaber Al-Ahmad Al-Sabah welcomed the initiative of GE to support Kuwait's energy sector by establishing this unique state-of-the-art center, according to the release.
He expressed the KDIPA's resolve to continue providing all the needed aftercare and facilitations to ensure that such value added investments are operating seamlessly and successfully, to contribute to achieving the KDIPA'S aspired developmental goals, the diversification of the economy, and advancing R&D and innovation capabilities, it noted.