In the wake of President Trump’s visit to Saudi Arabia, General Electric announced it will sign $15 million worth of business deals to help diversify the Kingdom’s economy away from oil.
GE announced last week at a conference of senior US business executives with their Saudi counterparts its intention to deal with the desert Kingdom to help it diversify.
The agreements are worth about $7 billion in goods and services from GE itself. The range from utilities to healthcare; the oil industry, mining, and natural gas. Some of the deals are still in the form of memos and will need further negotiations to come to fruition.
One of the GE projects will guide power manufacture in Saudi Arabia to become more efficient and also offer digital technology to the operations at Saudi Aramco. The hope is that this project will ultimately create $4 billion in annual productivity increases at Aramco. It also hopes to cooperate in training and medical research.