Business & Money | Tuesday 24 May, 2016 4:25 am |

General Electric Co. (GE) said Monday it made a series of deals with Saudi Arabia worth over $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 with the Saudi Arabian Industrial Investments Co., which formed in 2014 by royal order to boost the country’s manufacturing industry.

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 operations by 2020 and providing over 2,000 jobs, GE said.

In the future, there’s a possibility of another $2 billion in projects coming on line as well, GE said.

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.”

“Together, we will create quality jobs for Saudi youth, … boost exports, enhance economic competitiveness and support the vision and aspirations of Saudi Arabia,” Immelt said in a statement.

The deal comes as part of the kingdom’s Vision 2030 plan to wean itself off dependence on oil production.
GE is based in Fairfield, Connecticut.