Emerson (NYSE: EMR) today underlined its commitment to the Middle East and Africa market with the announcement of a US$25 million investment to create a technology and innovation centre in partnership with the King Fahd University of Petroleum and Minerals in the Kingdom of Saudi Arabia.
Emerson has signed an agreement to lease land in the Dhahran Techno Valley for the Emerson Centre for Technology and Innovation, which will train technologists and innovation leaders of the future. The move by Emerson accelerates the company’s presence and growth in Saudi Arabia.
Developed in conjunction with the King Fahd University of Petroleum and Minerals (KFUPM), the work that will take place in the Emerson Centre for Technology and Innovation will provide Emerson and its customers with access to groundbreaking innovation, helping them solve the technical challenges of tomorrow and providing them with access to a skilled pool of talent. His Excellency, The Rector, Khaled S. Al-Sultan greeted Emerson president and chief operating officer Ed Monser at a ceremony held yesterday at KFUPM in Al Khobar, Saudi Arabia, to mark the signing of the land lease.
Commenting on the agreement, Dr. Khaled Al-Sultan, Rector of King Fahd University of Petroleum and Minerals said that Dhahran Valley today is the best valley in the world in quality and quantity, and considered the largest science oasis specialising in oil and gas.“The aim of Dhahran Techno Valley is not financial profit. We are focusing instead on the developmental aspects, such as patents, contributing to building factories, establishing companies that attract Saudi employees; all of which result in economic and developmental returns for the Kingdom in general, and are investments which put the Kingdom at the forefront of international scientific research.” On the significance of the agreement, Ed Monser commented: “Globally, Emerson has a strong track-record of new technology development, investing US$800 million in engineering and development in 2011 and employing more than 8,000 engineering and development personnel in worldwide research and development. The KFUPM agreement, however, is the first time we have invested a single amount of this size, which will be dedicated solely to technology development and innovation, in any single local market. Today underscores the critical importance of KSA to Emerson’s growth in the Middle East and Africa region, and our commitment to training and recruiting Saudi employees and KFUPM graduates.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV