The Kuwait Direct Investment Promotion Authority (KDIPA) has issued an investment license to General Electric to enable the global company to establish the GE Kuwait Technology Center as a limited liability Kuwaiti company, Times Kuwait reported in a Sept. 19 posting.
The technology center will receive an investment of approximately $82.9 million to encourage research and development in energy generation in Kuwait. The center will also offer simulator and testing labs, operational training, comprehensive programs for capacity building of Kuwait and develop export-oriented tooling solutions.
The state-of-the-art center will be one of the few of its kind located outside U.S.
The investment decision was motivated by the need to assure that KDIPA can reach its development goals, the diversification of the economy and advancing research and development and innovation capabilities, KDIPA Director General Meshaal Jaber Al-Ahmad Al-Sabah said.
