US technology and engineering conglomerate GE said on Saturday it had signed business deals worth $15 billion with Saudi Arabia in a major boost to its industrial project development and cross-sector capacity building.
Announcing the deals in partnership with the kingdom, GE said of these almost $7 billion are GE technology and solutions – across multiple sectors and partners aimed at creating a truly diverse and sustainable economic platform.
The agreements drive economic diversification in power, healthcare, oil and gas, mining and digital transformation of industry, said a senior company official at the signing ceremony held in the presence of the Saudi King Salman bin Abdulaziz Al Saud and US President Donald Trump. The agreements cut across the power, healthcare, oil and gas, and mining sectors, providing tangible benefits to both nations, he added.
Building on its more than 80 years of partnership and experience in the kingdom, GE said it has taken significant steps in supporting the delivery of Saudi Vision 2030.
The initiatives touch upon the key pillars within Saudi Vision 2030, focusing on transforming the nation into a global investment leader and geographic hub and the upscaling of industrial skills and capabilities, said the US conglomerate.
The agreements also place significant emphasis on human capital development and the digital transformation across multiple sectors, with the expanded application of GE’s Predix platform, which utilises cloud-based data analytics to better ensure and enhance manufacturing efficiency, it stated.
John Rice, the vice chairman of GE and president and CEO of GE Global Growth Organization, said: "The steps we have taken to grow our business globally, to embed a culture of innovation and collaboration both within GE and with our customers, would simply not be possible without these types of partnerships."
"The access to different experiences, cultures and capabilities has been the driving force behind GE’s growing global footprint. We view Saudi Vision 2030 as more than a national one; it is ours to deliver as well. We are part of the transformation process and proud to have been the first global company to show commitment to the Vision in 2016. We have to remember that with the global interconnectivity of industry, collaboration is no longer an advantage but a necessity, and ensuring mutually beneficial partnerships, as we have through these agreements, is a source of great pride for myself and GE.”
Energy sustainability has been and remains a priority, and GE will be partnering with the Saudi Ministry of Energy, Industry and Mineral Resources [MEIM], Saudi Aramco, Dussur [formerly the Saudi Arabian Industrial Investments Company], and Ma’aden to significantly elevate power generation capabilities; provide a large-scale boost to the global industrial supply chain; and introduce massive productivity and efficiency savings through digital solutions in both the oil and gas and mining sectors.