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The agreement, announced as part of a visit by GE Chief Executive Officer Jeffrey Immelt, is intended to complement the recently announced “Saudi Vision 2030” plan to help the crude-rich nation diversify its economy.
At the same time, we are committed to contributing to the economic diversification and downstream development in Saudi Arabia.
As GE looks to strengthen its manufacturing operations and shed consumer and finance business, the company has reached recent agreements for industrial investments in countries such as Italy and India.
In a speech last week to graduates of New York University’s business school, Immelt highlighted Saudi Arabia as a market where the company plans to boost local production of goods.
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GE also plans to invest $400 million in a forging and casting factory in Saudi Arabia that will help double the company’s workforce to 4,000 when it is operational in 2020, according to a separate company statement Monday.