December 20, 2017 / 7:13 AM / a month ago

ABB committed to Saudi market, hopes for stability - CEO

ZURICH, Dec 20 (Reuters) - Swiss engineering group ABB is in Saudi Arabia for the long run, Chief Executive Ulrich Spiesshofer said on Wednesday, expressing hope that political and economic changes in the kingdom would ensure long-term stability.

“If you look at the kingdom it is going through a massive transformation and ABB will be part of that transformation,” Spiesshofer told reporters on a call to discuss transfer of some operations to a Saudi-controlled joint venture.

“I am really optimistic that we will continue to be a strong partner. I wish and I hope that the country finds full stability with the actions taken to ensure that we have a clear and sustainable future in front of us.”

Several Saudi royals, ministers and officials were rounded up last month in an unprecedented anti-corruption purge.

Reporting by Michael Shields

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