ECONOMY

General Electric announces $15 billion of business deals with Saudi Arabia

Vice Chairman of GE, John Rice, and Saudi Governor of Small & Medium Enterprises, Ghassan Ahmed Al Sulaiman, pose after signing their agreements at the Saudi-US CEO Forum 2017 in Riyadh on May 20, 2017. (Reuters)

American technology and engineering giant General Electtic (GE) announced on Saturday it had signed $15 billion of business deals with Saudi Arabia which will go a long way in boosting  the kingdom’s drive to diversify its  non-oil economy .

The deals were announced during the Saudi-US CEO Forum 2017 coinciding with the visit of the US President Donald Trump. 

Dozens of senior US business executives are meeting their Saudi counterparts at the conference.

The agreements, as reported by Reuters,  involve almost $7 billion of goods and services from GE itself, ranging from the power and healthcare sectors to the oil and gas industry and mining.

Some of the deals are memorandums of understanding which would require further agreements to materialize.

Some of  the prominent projects, according to GE,  will help make Saudi power generation more efficient and provide digital technology to petrochemical giant Saudi Aramco's oil operations,  and aimsto create $4 billion of annual productivity improvements at Aramco.

GE will also be cooperating in medical research and training in the kingdom.

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Last Update: Saturday, 20 May 2017 KSA 14:58 - GMT 11:58
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