Kuwait's National Fund for SSmall and Medium Enterprise Development (The National Fund) has signed a Memorandum of Understanding (MOU) with GE Power (NYSE: GE) to incubate small and medium enterprises (SMEs) to construct digital commercial applications for the power generation field and to reinforce their financial development and competitiveness. The campaign connect the National Fund's vision to develop a comprehensive, collaborative and innovative community for entrepreneurs to lay the foundation for
economic opportunities in Kuwait.

In the visibility of H.E. Khaled Al-Roudhan, Kuwaits Minister of Commerce & Industry and Minister of State for Youth Affairs; H.E Lawrence R. Silverman, US Ambassador to Kuwait; Scott L. Strazik. President & CEO of GEs Power Services business; Joseph Anis, President & CEO of GEs Power Services business in the Middle East, Africa and India; board members of The National Fund; and high-ranking officials of the Kuwait Direct Investment Promotion Authority (KDIPA), the MOU was signed in Kuwait City by Mr. Abdullah Hamad Al-Jouan, Chairman of the Board & President of the National Fund for Small & Medium Enterprise Development, and Bhanu Shekhar, Chief Digital Officer of GE Power in the Middle East and Africa.

H.E. Khaled Al-Roudhan said, "This agreement is in line with the Ministry's strategy to sustain young entrepreneurs and create a perfect business atmosphere for them to accomplish the preferred success for their enterprises. The continual partnership between the numerous divisions within the Ministry of Commerce & Industry has led the way towards reaching this arrangement, which remains in turn the outcome of the Kuwait Direct Investment Promotion Authority's support and focused initiatives to bring in international capitalists, such as GE, and assist in new initiatives to empower young business owners and provide access to the innovative services and modern technologies available within the GE Kuwait Technology Facility."

As per the MOU, The National Fund and GE Power will certainly recognize, educate and assist entrepreneurs to grow SMEs that will develop digital applications for the commercial sector based on the Predix platform, GE's application development platform for the Industrial Internet, which was built to satisfy the range, complexity, rate and safety and security needs of industry. Digitization could unlock incredible advantages for industry. A report issued by the World Economic Forum in 2016 mentioned that $1.3 trillion of value can be understood totally by deploying and embracing digital modern technologies over the next 10 years in the electricity sector alone.

Mr. Abdullah Hamad Al-Jouan said, "Digital technologies are a game changer that support companies to scale up, improve functional performance and achieve greater degrees of efficiency. Developing the digital skills of Kuwaiti entrepreneurs on GE's Predix platform is a significant methods to assist recognize their real potential. This partnership will certainly make it possible for and influence them to incorporate digital tools in addition to introduce new, much more efficient and extremely effective methods to enhance growth. GE's global experience in leading the digital transformation of industry, along with its local existence and knowledge, make them an excellent organization to work together with on this initiative."

GE's Joseph Anis said, "Today's MOU is aligned with the objectives of the Kuwait National Growth Plan to produce new work chances, sustain the SME community, and contribute to the diversification and competitiveness of the economic situation. The National Fund is establishing an example as a world-class establishment that is mapping out a vision for the future of the region - one where the general public and economic sectors integrated to drive the digital transformation of the economic climate and reap the lots of benefits it provides. We are recognized to support this journey."

The Predix platform is already commonly applied throughout the Middle East and Africa, consisting of at big energies. Via the MOU, Kuwaiti SMEs will certainly have the chance to participate in the ongoing digital transformation of the power market, assisting to enhance the industry's efficiency and dependability, while reducing its carbon footprint. In addition, as the region turns towards an increasing share of periodic renewable energy in the overall generation mix, Predix-based Industrial Internet of Points applications could assist improve grid security by boosting the adaptability of the power generation field so drivers could ramp up or down power supplies
more quickly.

GE Power will train entrepreneurs on establishing applications on the Predix platform, provide the infrastructure to sustain application development and supply access to fitness instructors for the Predix platform. Training and advancement activities will happen at the GE Kuwait Modern Technology Facility, a front runner center that serves three core locations for energy sector customers throughout the Middle East and Africa: training, tooling and engineering.

The MOU improves GE's solid tradition of contributions to the development of Kuwait's industrial facilities. GE modern technologies deliver over a 3rd of Kuwait's power today and the company develops work for greater than 250 people in the nation.