GE Signs $3 Billion Investment Deal in Saudi Shift From Oil
- U.S. company to invest in kingdom with state-owned venture
- Manufacturer’s local workforce to double to 4,000 by 2020
GE Signs $3B Saudi Investment Deal
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General Electric Co. agreed to participate in as much as $3 billion of investments across industries in Saudi Arabia as the desert kingdom seeks to diversify its economy away from oil.
The U.S. manufacturing giant will collaborate with the Saudi Arabian Industrial Investments Company to pump $1 billion into the local market by the end of next year, GE said Monday in a statement. That could be followed by another $2 billion invested in water, energy, aviation and digital projects in subsequent years, the company said. SAIIC is a joint venture that includes Saudi Arabian Oil Co., or Aramco.