Riyadh (AFP): US conglomerate General Electric said it signed agreements and memorandums of understanding worth $15 billion with Saudi Arabia on Saturday 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.
“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.
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.
