General Electric Company signed a new energy, mining, and technology agreements with Saudi Arabia with a total value of $2bn.
Jeffrey R. Immelt, General Electric Chairman of board and CEO, announced that the US-based conglomerate created strategic partnerships and initiatives that support the Saudi Vision 2030. Such include SAR 5.7bn ($2bn) agreements.
During his visit to KSA, Immelt spoke of 8 key cooperation sectors that represent an extension to $1bn General Electric investments in Saudi Arabia in the last 3 years. He said: “The total value of the actually concluded agreements amount to $2bn, $1bn of which is allocated to an initiative between GE and the Saudi Industrial Investment Group”.
In addition, Immelt pointed out that the most significant among their new joint initiatives is building an international mold and bullion factory, which would be the first of its kind in MENA region.
It will be established in cooperation with Saudi Aramco with $400m investments.
