The recent US-Saudi Investment Forum in Washington DC, graced by the presence of Custodian of the Two Holy Mosques King Salman, highlighted the opportunities for global investments that are aligned with the economic diversification goals of the Kingdom.

I was part of a delegation from Saudi Arabia, representing GE, at the forum. The enthusiasm of US businesses to strengthen commercial ties with the Kingdom was inspiring; it was also a strong vote of confidence on our economic fundamentals and long-term competitiveness.

The forum served as a key milestone in defining the future business narrative of the Kingdom that had predominantly been associated with the energy industry.

The Saudi-US relations, with a history of over eight decades, had commenced on the premise of a single commodity — oil. It has since then expanded to cover multiple sectors — from goods to services to agriculture — increasingly linking American and Saudi economies.

While Saudi Arabia was the largest US trading partner in the Middle East in 2014 and bilateral trade has more than doubled in the past decade, the new global economic realities underline the importance of a renewed commercial approach.

This was reflected in the clear and compelling vision outlined by King Salman for the future of the Kingdom’s economy. It emphasizes on accelerating economic growth through the diversification of the economy, stimulating the private sector, creating jobs, and enriching people’s lives.

This gains particular traction from Saudi Arabia’s youth demography. With 51 percent of the Saudi population below the age of 21 years, their energy will be the true power to be leveraged for transformational growth.

Interacting with youth almost on a regular basis through our innovation centers and other student talent development programs, I feel a strong sense of confidence about our future. The bright ideas that our youths share, their deep technical skills and their commitment to make a positive change are strengths that businesses should leverage.

Today, to meet the aspirations of the youth, the Saudi government is investing billions of dollars annually on roads, ports, airports, hospitals and schools. The private sector play a complementary role in nurturing our youth too and it is heartening to see tangible initiatives in this direction.

Going beyond oil trade, there is now a real opportunity to broaden and deepen global commercial ties. King Salman specified that businesses contributing to the Kingdom’s vision will be welcomed in Saudi Arabia as partners and this has generated great enthusiasm among the US business community looking to foster ties with the Kingdom.

Commercial relations of world economies and private businesses with the Kingdom are also catalyzed by the commitment of the Saudi Arabian General Investment Authority to support efforts to diversify the economy, drive industrialization and manufacturing, boost exports, create jobs and build strong SMEs, entrepreneurs and supply chains, and of course, the next-generation of human capital skill-sets and technologies.

As one of the oldest firms operating in Saudi Arabia since the 1930s, GE has radically adjusted our strategy by building on the new priorities of the Kingdom.

We have been associated with providing the first turbomachinery for the first oil exploration initiatives of Saudi Arabia. Since then, we have strengthened our local presence through long-term partnerships and strategic investments.

This is underlined by the $1 billion investment commitment that we delivered in the past three years in energy, healthcare and innovation in the Kingdom.

Meeting the development priorities of the nation, GE has opened new manufacturing facilities, created exports and invested in building skills and capabilities and promoted diversity in the workplace.

Today, it gives me great pride to state that the GE Manufacturing Technology Center in Dammam exports parts to 70 customers in 30 countries including Europe and to the US. This is a true testament to Saudi Arabia’s competitiveness and, for GE, our first step towards achieving our goal of a "Made in Saudi Arabia" heavy duty gas turbine, which will further accelerate exports. We are on track with the project and Saudi engineers and skilled professionals are working to achieve the milestone next year.

Further, along with our partners Saudi Aramco and TCS, we opened the first all-female shared service center that will create 3,000 jobs for females. This is another strong example of how the private sector can contribute to the governmental goals and we are honored to have set a benchmark.

Earlier this year, GE also announced a $100 million in new research programs aimed at enhancing the energy efficiency and sustainability priorities of the Kingdom, including a "Hot & Harsh" Global Research & Development Program.

While we have delivered on our $1 billion investment commitment, the new climate for greater commercial relations with Saudi Arabia inspires us to set a clear new roadmap of priorities that are aligned with the Kingdom’s vision.

Our renewed strategy for the Kingdom positions us a "global local" company that is closer to our customers and the community. This will, no doubt, be guided by King Salman's vision to promote economic diversification.

Our road map for the Kingdom is multi-faceted: Our foremost commitment is to bring advanced technologies that maximize the industrial productivity and efficiency of our partners. We are leveraging our Industrial Internet technologies to achieve this.

We strongly believe that the Industrial Internet will shape the "Future of Work." By meshing big data and advanced analytics with big machinery, Saudi businesses can achieve significant productivity gains. In this, the Saudi youth, with their high levels of tech-competencies, can also a major role.

That is one reason for GE to invest in localized innovation and research programs through the Saudi GE Innovation Center in Dhahran Techno-Valley and our Graduate Programs focused on human capital development in Saudi Arabia.

Another strategic pillar is to build a stronger Saudi supply chain that will support our local manufacturing abilities. This, once again, links back to the Kingdom’s vision of greater private sector participation in the manufacturing sector as well as creating growth opportunities for youth.

The bottom line is that we want to grow, do more and deliver strong outcomes to the Kingdom. With its firm political commitment to inclusive economic growth, a world-class infrastructure and young demography, Saudi Arabia has all the fundamentals for long-cycle business.

Our vision is to be a partner in the Kingdom’s sustainable growth in tune with the real requirements of the nation. And we are committed to deliver on our promise.

— Hisham Al-Bahkali is GE president & CEO for

Saudi Arabia and Bahrain.