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FINANCIAL NEWS
Siemens signs deal to build factory in Saudi
17 Feb 2011
(MENAFN) The Chief Executive of Siemens, Peter Loescher, said that the German company inked a deal with Saudi Aramco and Saudi Electricity Company to construct a factory in the Eastern Province, reported Gulf News.
Loescher said that the factory would produce gas turbines and rotating equipment. It is expected to begin operating 18 months after receiving government approvals and permissions.
The CEO said that the factory would provide more than 1,000 people with jobs and include Saudi and international experts.
It is worth noting that Siemens had previously worked with Saudi Aramco and the Kingdom and had added to Saudi Arabia’s development through their products and services.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
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