GE Signs Deals Worth $15Bln Aimed at Diversification of Saudi Economy

US energy giant General Electric (GE) signed with Riyadh deals worth $15 billion, of which almost $7 billion are GE technology and solutions – across multiple sectors aimed at creating a truly diverse and sustainable economic platform in Saudi Arabia, according to official statement.

MOSCOW (Sputnik) — US energy giant General Electric (GE) signed with Saudi authorities deals worth $15 billion on Saturday in Riyadh seeking to ensure diversification of Saudi Arabia's economy, GE's press service said in a statement.

"Building on its more than 80 years of partnership and experience in the Kingdom, GE has taken significant steps in supporting the delivery of Saudi Vision 2030, today announcing in partnership with the Kingdom a range of Memorandums of Understanding and projects valued at $15 billion – of which almost $7 billion are GE technology and solutions – across multiple sectors and partners aimed at creating a truly diverse and sustainable economic platform," the statement on the company's website read.

The agreements are expected to provide economic diversification in such spheres as power, healthcare, mining, oil and gas, and encourage digital transformation of industries.

The deals were announced at US-Saudi CEO Forum in Riyadh, which coincided with US President Donald Trump's visit to the country. Trump arrived in Riyadh on Saturday, making Saudi Arabia the first country he visited as the President of the United States.