GE signs $15bn of agreements with Saudi Arabia

20 May 2017

Agreements for various industrial programmes and projects signed during the visit of US President Donald Trump on May 20

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From Riyadh:

The US’ GE signed memorandum of understandings (MOUs) and agreements with Saudi Arabia for projects worth a total of $15bn during US President Donald Trump’s visit to Riyadh on 20 May.

The $15bn worth of agreements will include $7bn worth of GE technology and products, across numerous sectors, including oil and gas, power and healthcare. The agreements cover schemes with the Saudi Ministry of Energy, Industry and Mineral Resources, state oil company Saudi Aramco, local mining company Ma’aden and Dussur (formerly the Saudi Arabian Industrial Investments Company).

Under the agreements, increasing the power generation capabilities of the kingdom and also improving efficiency of the oil and gas and mining sectors through digitalisation feature prominently.

A partnership agreement signed between GE and the Ministry of Energy, Industry and Mineral Resources and the National Industrial Cluster Development Programme covers a wide range of investments and joint ventures in the power generation, oil and gas, digitalisation and aviation sectors. The partnerships will include boosting the capacity of Saudi Arabia’s power sector by up to 12GW. The total value of the agreements is expected to exceed $12bn.

In the oil and gas sector, GE signed an MoU with Saudi Aramco to digitalise Aramco’s operations. The digitalisation of the oil company’s operations is expected to save $4bn in productivity costs annually.

The agreements were signed during the first day of Donald Trump’s visit to the kingdom, his first official state trip since assuming the presidency in January.

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