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GE announces $15 billion
of business deals with Saudi Arabia
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[May 20, 2017]
RIYADH (Reuters) - U.S.
technology and engineering conglomerate GE said on
Saturday it had signed $15 billion of business deals
with Saudi Arabia as part of the kingdom's drive to
diversify its economy beyond oil. |
Vice Chairman of General Electric, John Rice and Saudi
Governor of Small & Medium Enterprises, Ghassan Ahmed Al
Sulaiman pose for photos after signing their agreements
at the Saudi-US CEO Forum 2017 ahead of the arrival of
the U.S. President Donald Trump, in Riyadh, Saudi Arabia
May 20, 2017. REUTERS/Hamad I Mohammed |
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It
came as dozens of senior U.S. business executives met Saudi
counterparts at a conference coinciding with the visit of
President Donald Trump to Riyadh.
The agreements, which involve almost $7 billion of goods and
services from GE itself, range from the power and healthcare
sectors to the oil and gas industry and mining, GE said. Some of
the deals are memorandums of understanding which would require
further agreements to materialize.
Among the projects, GE will help make Saudi power generation
more efficient and provide digital technology to the operations
of oil firm Saudi Aramco, aiming to create $4 billion of annual
productivity improvements at Aramco. It will cooperate in
medical research and training.
(Reporting by Andrew Torchia Editing by Jeremy Gaunt.)
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