GE, Saudi Investment Agency Sign $267M Joint Venture

Dussur and GE have a signed a joint venture agreement worth over $267 million. The aggreementfollows GE’s recent announcement of more than $15 billion of business deals in the Kingdom, which coincided with President Trump’s visit.

Dussur, formerly the Saudi Arabian Industrial Investments Company, and GE signed a Memorandum of Understanding (MoU) in 2016 that is expected to result in an additional $1 billion of co-investment by the two companies this year.

In a joint statement, representatives said the venture will create the magnitude needed to supply the majority of Saudi Arabia’s annual demand for gas turbines in line with the kingdom’s electricity demands.

Dussur and GE joint venture supports Saudi Arabia’s Visoin 2030 economic plan.

“It supports Saudi Arabia’s Vision 2030 economic plan and is also intended to boost the local supply chain and benefit Saudi small-to-medium-sized enterprises (SMEs),” said Dussur chairman Abdullatif bin Ahmed Al Othman.

Read More at Arabian Business.