General Electric

GE announces $1.4 billion in deals with Saudi Arabia

GE announces $1.4 billion in deals with Saudi Arabia

General Electric Co. said Monday it has made a series of deals with Saudi Arabia worth over $1.4 billion as part of the kingdom's ambitious plan to wean itself off crude oil.

GE said $1 billion worth of projects would be implemented with the Saudi Arabian Industrial Investments Co., which was formed in 2014 by royal order to boost the country's manufacturing industry.

An additional $400 million would go toward building a forging-and-casting manufacturing facility for the marine and energy industry in the kingdom, with hopes of it being in operation by 2020 and providing over 2,000 jobs, GE said.

In the future, there's a possibility of an additional $2 billion in projects...