(UDHAYAM, RIYADH) – General Electric (GE) signed a one billion riyal ($267 million) joint venture agreement on Wednesday (24) with Saudi Arabia’s State-backed Dussur industrial development company to manufacture gas turbines in the Eastern City of Dammam.
The agreement, announced at a press conference in Riyadh, follows an announcement by GE during the United States (US) President Donald Trump’s visit last weekend of $15 billion of business deals, including memorandums of understanding which would require further agreements to materialize.
GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly 3.75 billion riyals of investment by the two companies across multiple sectors in 2017.
Courtesy: Reuters News Agency
