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FINANCIAL NEWS
GE plans USD1b Saudi investments
30 Sep 2012
(MENAFN) General Electric’s (GE) vice chairman, John Rice, stated that the company would spend about USD1 billion in Saudi investments, reported Arabian Business.
Rice said that the investments include establishing a new healthcare learning and simulation center in partnership with King Fahd Medical City, and the establishment of the country’s first heavy fuel oil technology program, which will enhance efficiencies in the conversion of fuel oil for power generation.
The investments are part of Saudi Arabia’s 2020 development plan, designed to diversify the economy and boost manufacturing capabilities.
The Kingdom is trying to reduce its dependence on oil-fired power stations since domestic crude demand soared in line with power consumption.
It is worth noting that Saudi is among the countries that had acquired GE’s next-generation turbines for gas-fired power stations.
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