ABB confident of winning projects in NEOM, says CEO

Swiss engineering group ABB is confident of winning projects in Saudi Arabia’s $500 billion NEOM megacity unveiled last week, Reuters reported, citing the company’s CEO Ulrich Spiesshofer.

In a meeting with members of the Saudi royal family, Spiesshofer discussed the Kingdom’s plan for building NEOM as a new business and industrial zone, spanning Saudi Arabia, Egypt, and Jordan.

ABB is well positioned to provide automation and power to high-tech industries setting up in the country, Spiesshofer said, without more details about the value of projects the power transmission and automation firm could bid for.

“There’s a wide range of opportunities and we will do our best to participate in that in the appropriate way,” Spiesshofer added.

ABB – which operates mainly in robotics, power, heavy electrical equipment, and automation – reported a 1 percent rise in Q3 2017 net profit to $571 million.