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General Electric (GE) signed a one billion riyal ($267 million) joint venture agreement on Wednesday with Saudi Arabia`s state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.
The agreement. announced at a press conference in Riyadh. follows an announcement by GE during U.S. President Donald Trump`s visit last weekend of $15 billion of business deals. including memorandums of understanding which would require further agreements to materialize.
GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly 3.75 billion riyals of investment by the two companies across multiple sectors in 2017.
