German engineering giant Siemens has been outmaneuvering archrival General Electric to land big deals in the Middle East.
Its most recent win is an order for €500 million ($552 million) in gas turbines, to be built at Siemens’ plant in Berlin.
Saudi Arabia’s ambassador to Germany, Dr. Awwad Al-Awwad, told Handelsblatt the deal was done, saying: “I’m very happy that Saudi Arabia’s highest business council, under the guidance of his highness Crown Prince Mohammed bin Salman, has approved this project.”
A Siemens spokesman confirmed the news, telling Handelsblatt: “We’re aware that the project has been approved by the top economic council and we’re in close dialogue with our Saudi partners.” The company could not make further comment at this early stage in the deal, he added.
Siemens’ success comes even after General Electric’s chief executive Jeff Immelt has made targeted efforts to win business in the region. He recently traveled to Saudi Arabia twice, on one occasion meeting with Saudi Crown Prince Mohammed bin Salman along with U.S. Foreign Secretary John Kerry. The discussions focused on a large contract for gas turbines. But in the end it was Siemens that hooked the contract.