GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC

Showing how Riyadh’s ambitious Vision 2030 might take shape, US industrial engineering giant General Electric has joined Saudi state investor SAIIC in a partnership to promote diversification and localization through new initiatives – and create 4,000 jobs.

Saudi Arabian Industrial Investments Company (SAIIC) – established in 2014 by Saudi Arabia’s Public Investment Fund (PIF, 50%), Saudi Aramco (25%) and petchems firm Sabic (25%) to advance industrialization in Saudi Arabia – has signed a memorandum of understanding with US industrial giant General Electric to develop and localize industrial value chains in Saudi Arabia.

SAIIC and GE say they will roll out joint investments of $1bn (SR3.75bn) by 2017 in addition to an aggregate potential investment of $2bn (SR7.5bn) to “drive projects in water, energy, aviation, digital and other sectors from 2017.” As part of the program, GE will be working with a range of companies on eight new initiatives to bring new capabilities to the kingdom (see table).


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