- Title: General Electric signs 1 billion riyal deal to build gas turbines in Saudi Arabia
- Date: 24th May 2017
- Summary: RIYADH, SAUDI ARABIA (MAY 24, 2017) (REUTERS) VARIOUS OF NEWS CONFERENCE FOR GENERAL ELECTRIC AND DUSSUR COMPANIES (SOUNDBITE) (Arabic) RASHEED AL-SHUBAILI,CEO OF DUSSUR , SAYING: "Our cooperation project today is part of the broader memorandum of understanding signed last year with GE and represents the first partnerships, an agreement equivalent to one billion Saudi riyals." AUDIENCE LISTENING TO SPEAKER (SOUNDBITE) (Arabic) RASHEED AL-SHUBAILI,CEO OF DUSSUR , SAYING: "This project will play a key role in achieving Saudi Arabia's economic vision 2030 and Through this project and other projects DUSSUR will contribute to the process of economic diversification in the Kingdom, especially in the industrial sector." VARIOUS OF REPORTERS SEATED SPEAKERS LEAVING CONFERENCE
- Embargoed: 7th June 2017 14:14
- Keywords: in Saudi Arabia to build gas turbines signs 1 billion riyal deal General Electric
- Location: RIYADH, SAUDI ARABIA
- City: RIYADH, SAUDI ARABIA
- Country: Saudi Arabia
- Topics: Commodities Markets,Economic Events
- Reuters ID: LVA0016I780P9
- Aspect Ratio: 16:9
- Story Text: General Electric (GE) signed a one billion riyal ($267 million) joint venture agreement on Wednesday (May 24) 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 materialise.
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.
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