| GE to Open Clean-Tech Center in Masdar City |
July 25, 2008
General Electric is looking to the Middle East for
expanding its multi-billion dollar clean-tech project in
Abu Dhabi's Masdar City - a British-designed planned
urban center that will rely entirely on solar power and
other renewable energy sources.
The Connecticut-based industrial giant will form a joint
venture with Abu Dhabi's state-sponsored Mubadala
Development to conduct research for clean energy and
aviation, as well as invest $50 million in the
development of the Masdar City itself. According to
Cleantech, GE will also aid Mubadala in "providing
growth capital to companies in the healthcare, energy,
and transportation industries."
"It's a natural to be involved in Masdar City," said
Jeff Immelt, chairman and CEO of GE, in a conference
call. "We expect to hire probably 100 technologists as
that facility gets built and we can house them."