As a result of Saudi Arabia’s effort to diversify its economy beyond oil, U.S. technology and engineering conglomerate General Electric has signed $15 billion worth of business agreements with the Arab country.
The Saturday announcement arose from the meetings of senior U.S. business executives with Saudi counterparts at a the Saudi-U.S. CEO Forum 2017 that came ahead of President Trump’s Riyadh visit.
According to GE, the initiatives include businesses from the oil and gas industry, power and healthcare sectors, and mining, and incorporate nearly $7 billion of goods and services from GE. Some of the arrangements are memorandums of understanding that require further agreements in order to develop.
GE projects include assistance in creating more efficiency in Saudi power generation and applying digital technology to the operations of Saudi Aramco, working toward $4 billion of annual productivity improvements at the oil firm. GE also intends to assist the Arab country in medical research and training.
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