Mubasher: Kuwait’s National Fund for Small and Medium Enterprise Development has signed a Memorandum of Understanding (MoU) with GE Power, which is listed on New York Stock Exchange (NYSE) to endorse small and medium enterprises (SMEs), according to a recent statement.
This agreement aims to build digital industrial applications for the power generation sector as well as strengthening economic growth and competitiveness.
“The initiative ties in with the National Fund’s vision to build an inclusive, collaborative and innovative ecosystem for entrepreneurs to lay the foundation for economic opportunities in Kuwait,” the statement added.
Following this joint agreement, Kuwait’s National Fund and GE Power will identify, train, and help entrepreneurs to grow SMEs which will develop digital applications for the industrial sector based on the Predix platform, GE’s application development platform for the Industrial Internet.
The statement clarified that GE’s platform was built to meet the scale, complexity, speed, and security requirements of the industry.
“A report issued by the World Economic Forum in 2016 stated that $1.3 trillion of value can be realized purely by deploying and adopting digital technologies over the next ten years in the electricity sector alone,’ the statement said.
Kuwaiti SMEs will have the opportunity to participate in the ongoing digital transformation of the power sector, as the Middle East turns towards a rising share of intermittent renewable energy in the overall generation mix.
Upon this MoU, GE Power will train entrepreneurs on developing applications on the Predix platform.
