October 29, 2019 / 12:31 PM / 20 days ago

Aramco signs slew of deals at Future Investment Initiative conference

FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

RIYADH (Reuters) - Saudi Aramco has signed several deals at the Future Investment Initiative conference in Riyadh, Saudi Arabian General Investment Authority (SAGIA) said in a statement on Tuesday.

It signed a $1 billion deal with Tubacex Group (TUBA.MC) to invest in CRA pipe threading and weld overlay and cladding manufacturing facilities in the kingdom.

It reached an agreement worth $230 million with Baker Hughes (BKR.N) on investment and development of artificial intelligence and digital transformation, the statement said.

Aramco signed a memorandum of understanding to form a joint venture with APQ (APQ.L) valued at $600 million.

It also signed a $200 million deal with Dassault Systems aimed at collaborating on data analytics, project management and smart cities, SAGIA said.

Reporting by Davide Barbuscia, writing by Nafisa Eltahir; editing by Jason Neely

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