US conglomerate General Electric said it signed agreements and memorandums of understanding worth $15 billion with Saudi Arabia today during President Donald Trump's visit to the oil-rich kingdom.
US conglomerate General Electric said it signed agreements and memorandums of understanding worth $15 billion with Saudi Arabia today during President Donald Trump’s visit to the oil-rich kingdom. The Boston-headquartered firm said the agreements were inked in the presence of King Salman and Trump, who has chosen Saudi Arabia for his first foreign trip since taking office in January.
“Almost $7 billion are GE technology and solutions — across multiple sectors and partners aimed at creating a truly diverse and sustainable economic platform,” a GE statement said.
It said that “collaboration” between GE and the ministry of energy, industry and mineral resources, as well as the National Industrial Cluster Development Program, “is expected to exceed $12 billion.”
This includes building an additional capacity to generate up to 12 gigawatts of power.
GE also signed an MoU with oil giant Saudi Aramco “to undertake a digital transformation of Aramco’s operations,” the statement said.
The MoU aims to generate $4 billion in annual productivity improvement, it added.
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Riyadh has moved to diversify its traditionally oil- dependent economy following the sharp fall in crude prices in 2014.
Last year, it announced a “Vision 2030” plan aimed at developing its industrial and investment base and boosting small- and medium-sized businesses in a bid to create more jobs for Saudis and reduce reliance on oil revenue.