GE survey reveals importance of innovation



DAMMAM: SAEED AL-ASMARI

Published — Tuesday 5 February 2013

Last update 5 February 2013 1:59 am

| نسخة PDF Print News | A A

General Electric yesterday announced the findings of its third annual global innovation barometer survey. Saudi Arabia was one of the two countries in the region where the survey was conducted.
It reveals that Saudi businesses regard innovation as a strategic priority to help drive business growth with 81 percent of respondents calling for localized innovation to serve specific market needs. Nearly 3,000 executives from 25 countries were surveyed.
Sharing the key findings of the survey with journalists at the Saudi GE Innovation Center at Dhahran Techno Valley yesterday, Hisham Bahkali, GE’s president and chief executive officer for Saudi Arabia and Bahrain, said: “The GE Global Innovation Barometer surveys, in the past two years, highlighted the increasing focus that businesses in the Kingdom place on innovation. However, what is particularly striking this year is their heightened emphasis on localized innovation to meet country-specific requirements, and the importance they place on partnerships. This is in line with GE’s development approach in the Kingdom, led by our commitment to the Saudi Vision 2020, to focus on building our long-term partnerships, driving local research and development projects, promoting human capital development and accelerating technology transfer.”
Beth Comstock, senior vice president and chief marketing officer of GE, said innovators must be resilient or risk being left behind. “Change has become constant and we see leaders responding by betting big on more unconventional approaches to innovation to unlock growth,” said Comstock. “An overwhelming 87 percent of Saudi respondents said they would be more successful at innovation through partnerships than by going about it alone or in line with global average."
“The result underlines a growing culture of innovation in the Kingdom, with a special focus on localizing products and services to meet market needs,” said Bahkali. “Saudi businesses are open to investing in customer research and talented people, fostering partnerships and developing new technology to strengthen a culture of innovation.”
Regarding innovation as driver for growth, in line with global business executive outlook, 80 percent of the Saudi respondents said understanding customer and anticipating market evolutions is the most important factor to innovate successfully.

What's happening around Saudi Arabia

RIYADH: The Saudi Commission for Tourism and National Heritage (SCTNH) has encouraged businessmen to invest in tourism villages in Asir region.“Tourism villages are considered to be one of the most attractive options in the province,” said Mohammad A...
RIYADH: The General Presidency for Youth Welfare (GPYW) has taken part in serving pilgrims and visitors to the Two Holy Mosques as part of the organization’s voluntary and humanitarian work. In his statement, the head of the Riyadh office, Abdulrahma...
RIYADH: Prince Faisal bin Bandar, governor of Riyadh, opened on Wednesday 20 environmentally friendly entertainment projects with a total area of more than 270,000 sq. meters. Among interesting features of these new parks are replicas of the Eiffel T...
JEDDAH: Children and youths afflicted with cancer in the Eastern Province have launched a campaign against terrorist attacks. The patients, their families and doctors have slammed the attacks, which saw many killed and injured, a local publication re...
RIYADH: The World Assembly of Muslim Youth (WAMY) is a major player when it comes to relief work in countries wrecked by human tragedies, Secretary-General Saleh Al-Wohaibi said on Tuesday.He was addressing some 700 guests at the 13th annual iftar pa...
JEDDAH: The General Committee for the Municipal Elections has issued new regulations to oversee the polls, which will be taking place on Dec. 12, 2015.The rules released on Monday spelled out requirements for council members, list of violations and a...
JEDDAH: The Martyrs Fund has announced that it disburses 75 percent of its annual revenues to helping the needy families of martyrs, the wounded, prisoners of war and missing persons.Approximately 25 percent of the revenues is allocated for further i...
RIYADH: Prince Alwaleed bin Talal, chairman of Kingdom Holdings, has announced that his entire $32 billion fortune would be donated to charity after his death.The prince told reporters at his offices in Riyadh on Wednesday that he would move his asse...
MADINAH: Custodian of the Two Holy Mosques King Salman arrived in Madinah on Tuesday accompanied by several princes and senior officials for his first visit since ascending the throne. He was met at the airport by Madinah Gov. Prince Faisal bin Salma...
JEDDAH: The Council of Ministers has condemned the terrorist attacks in Kuwait, France, Tunisia and Egypt over the past few days.At its weekly meeting chaired by Custodian of the Two Holy Mosques King Salman on Monday night, the Cabinet said that the...
JEDDAH: The father of the suicide bomber who blew himself up in a mosque in Kuwait has blamed “evil” forces for his son’s behavior.Sounding confused and sad, Sulaiman Al-Gabbaa, the father of Fahad Al-Gabbaa, said: “An evil hand has sent my son to hi...
JEDDAH: The Saudi Traffic Department has denied that it is introducing new license plates for cars.It said hackers posted pictures of the supposedly new license plates on its Twitter account on Sunday. The department said the news, which went viral,...
JEDDAH: The Al-Haramain Train project is described as the largest public transportation project in the Middle East. This vital and strategic project is one of the implementation schemes of the mass expansion of the Saudi railway across the country.Th...
JEDDAH: The number of marriages between expatriates and Saudis has dropped 84 percent to 1,928 since the start of this Islamic year that began on Oct. 24, compared to the same period the previous year.The Ministry of Justice said that there were 12,0...
JEDDAH: The General Authority for Civil Aviation (GACA) launched the idea of a project called Watani to link all parts of the Kingdom by air by beefing up activities at important provincial airports.Capt. Abdul Hakim Badar, assistant vice president a...

Stay Connected

Facebook