General Electric signs $267m deal to build gas turbines in Saudi Arabia

General Electric (GE) signed a SAR1bn ($267m) 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 US President Donald Trump’s visit last weekend of $15bn of business deals, including memorandums of understanding which would require further agreements to materialise.

Read: US, Saudi firms sign multi-billion dollar deals during Trump visit

GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly SAR3.75bn of investment by the two companies across multiple sectors in 2017.