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FINANCIAL NEWS
US General Electric to Invest USD100m in Saudi Arabia
18 Mar 2015
(MENAFN) US conglomerate General Electric (GE) is set to invest USD100 million in its research and manufacturing programs in Saudi Arabia, Gulf Business reported.
The investment is an addition to the USD1 billion investments the company has made in the Saudi market over the last three years, according to a statement issued by GE.
Through this most recent investment, GE is set to expand its manufacturing capability by producing HA gas turbines in Saudi Dammam.
Oil and gas manufacturing capability are also set to be increased considerably with the company looking to build its first LED manufacturing facility in the region.
Other plans included partnerships with a number of educational institutions like King Abdullah University of Science and Technology and King Fahd University of Petroleum & Minerals for new research programs to improve energy efficiency.
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