DUBAI, United Arab Emirates (AP) – General Electric Co. said Monday it made a series of deals with Saudi Arabia worth more than $1.4 billion as part of the kingdom’s ambitious plan to wean itself off crude oil.
GE said $1 billion worth of projects would be implemented by 2017 with the Saudi Arabian Industrial Investments Co., which was formed in 2014 by royal order to boost the country’s manufacturing industry. GE said its agreement with the organization would see it help develop industry and manufacturing in the kingdom, as well as create jobs for Saudi youth.
Another $400 million would go toward building a forging and casting manufacturing facility for the marine and energy industry in the kingdom, with hopes of it being operational by 2020 and providing over 2,000 jobs, GE said. In the future, there’s a possibility of another $2 billion in projects coming after 2017, the company said.
Other projects, which GE did not offer monetary values for, include boosting the local aviation repair industry, offering digital services to factories, working on manufacturing LED lights in the kingdom and training young men and women.
GE’s chairman and CEO Jeffrey Immelt said the project showed the company wanted to expand its long-time presence in Saudi Arabia in “a new and visionary way.”