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GE Launches Mapping the Future of Work in MENAT at Regional WEF Summit

GE (NYSE: GE) today unveiled a roadmap that defines the Future of Work to unlock the true growth potential of the Middle East, North Africa and Turkey (MENAT) region. At the Special Meeting of the World Economic Forum on Unlocking Resources for Regional Development being held in Istanbul, GE highlighted the macroeconomic impact of its Future of Work outlook in redefining economies of scale, creating new jobs for youth, reshaping supply chains, promoting small and medium enterprises and accelerating the pace of innovation.

Mapping the Future of Work in MENAT, co-authored by Rania Rostom, GEs Chief Innovation Officer, GE MENAT, and Marco Annunziata, GEs Chief Economist, highlights the enormous opportunities of the region to leverage the power of innovation through three fundamental forces the Industrial Internet, Advanced Manufacturing and the Global Brain. The interplay of these three elements can contribute to a technological transformation that GE calls The Future of Work.

The Future of Work is a unique opportunity for the region, where GE has a presence for over 80 years, said Nabil Habayeb, President & CEO, GE MENAT. By drawing on our experience, expertise and partnerships in the region, The Future of Work sets a roadmap to increase productivity and efficiency of organizations, ultimately transforming economies.

Central to this outlook is the speed with which we can embrace technology and the ability to foster collaborations to accelerate innovation. By working together and setting in place an innovation-led co-creation model, The Future of Work provides tools and solutions that individual workers, companies and governments can use to increase local innovation, spur entrepreneurship, improve productivity and expand opportunities, he explained.

Rania Rostom said that the transformational change stemming from The Future of Work approach will positively impact design and manufacturing processes, supply chains and distribution networks. It redefines the competitive landscape across industrial sectors and helps address the fundamental concerns of the community and businesses building the skills of youth, creating jobs, retaining talent and promoting entrepreneurship. Through governmental, business and academic partnership, we can build and bridge work across the region to create robust entrepreneurial ecosystems.

Fundamental Pillars
The fundamental pillars of The Future of Work are Industrial Internet the merger of cloud-based analytics (big data and industrial machinery (big iron) to boost efficiency; Advanced Manufacturing techniques like 3D printing that accelerate the cycle of design, prototyping and production, and link together design, product engineering, manufacturing, supply chain, distribution and servicing; and the Global Brain the collective intelligence of human beings integrated by digital communication networks which accelerates the number of people involved in the innovation process. By facilitating a global model of innovation and co-creation, The Future of Work will open up new markets and careers, and ensure sustainably higher growth in jobs and incomes.

Simply put, Industrial Internet can boost productivity; Advanced Manufacturing techniques can bring greater speed and flexibility enabling micro-factories; and the Global Brain can provide workers better entry into the labor market and companies greater access to the talent pool. All this fosters the creation of a local supply chain.

Potential for MENAT
The Future of Work complements the findings of the GE Global Innovation Barometer Survey in which C-level executives in the MENAT region, who were surveyed, underlined the importance of innovation and collaboration as game-changers for their growth.

While innovation can be disruptive for business processes, it is also an opportunity to boost productivity, establish new competitive advantage and lay the basis for stronger and more sustainable growth. GE is supporting the innovation landscape of the region with investments and initiatives such as opening the GE ecomagination Innovation Center in Masdar City in Abu Dhabi, UAE; the Saudi GE Innovation Center in Dhahran, Saudi Arabia; the GE Advanced Technology Research Center in Qatar Science & Technology Park; the new GE Algeria Turbines; and the GE Turkey Customer Innovation Center, among others.

The innovation wave, centered on collaboration and the development of local ecosystems, in turn promote domestic supply chains that support not just the local economy but also global markets. This will accelerate the development of the small and medium enterprises sector, which further leads to the democratization of manufacturing and boosting exports. A more localized supply chain lowers costs and promotes efficiency; it also serves as incubators for new ideas.

Among the most powerful impacts of The Future of Work is its ability to create rewarding career opportunities for the regions young and fast growing population. It will help shift the sole responsibility of job creation from the government to the private sector, enabling governments to further focus on strengthening the educational system and further facilitating entrepreneurship initiatives. Other positive influences include strengthening the education system with emphasis on science, engineering, technology and mathematics, promoting dialogue between educational institutions and industry and focusing on problem-solving.

The full report MENAT Whitepaper can be downloaded from http://middleeast.geblogs.com/download/MENAT-FOW.pdf . A shorter version is available on http://invent.ge/1mD3zun .

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