General Electric will invest more than $1.4bn in Saudi ArabiaStaff writer ▼ | May 23, 2016
General Electric has announced several investments worth more than $1.4 billion in Saudi Arabia and will double its workforce in the country to 4,000 people by 2020.
Expanding GE has signed a deal with the Saudi Arabian Industrial Investments
GE said it will cooperate with the SAIIC to develop joint ventures that boost Saudi industrial capacity, promote industrial diversification and create quality jobs for Saudi nationals.
SAIIC and GE will also co-develop digital industrial applications and solutions. The software solutions will cover data visualization, big data management and data analytics, among others.
SAIIC was established in 2014 as a joint venture between the Saudi Arabian Public Investment Fund or PIF, national oil company Saudi Aramco, and government-controlled Saudi Arabia Basic Industries Corp. or SABIC. It is focused on attracting investments to the country.
In addition, GE will partner with Aramco to build a $400 million forging and casting venture that would supply materials to the energy and marine industries.
In 2015, GE had announced an investment of $100 million in its research and manufacturing programs in the country. ■