May 24, 2017 / 9:19 AM / 7 months ago

General Electric signs 1 billion riyal deal to build gas turbines in Saudi Arabia

RIYADH (Reuters) - General Electric (GE) signed a one billion riyal ($267 million) joint venture agreement on Wednesday with Saudi Arabia’s state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.

The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril - RTS16EVF

The agreement, announced at a press conference in Riyadh, follows an announcement by GE during U.S. 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.

Reporting by Marwa Rashad; Writing by Katie Paul; Editing by Mark Potter

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