GE Signs $3 Billion Investment Deal in Saudi Shift From Oil - Bloomberg:
"General Electric Co. agreed to participate in as much as $3 billion of investments across industries in Saudi Arabia as the desert kingdom seeks to diversify its economy away from oil.
The U.S. manufacturing giant will collaborate with the Saudi Arabian Industrial Investments Company to pump $1 billion into the local market by the end of next year, GE said Monday in a statement. That could be followed by another $2 billion invested in water, energy, aviation and digital projects in subsequent years, the company said. SAIIC is a joint venture that includes Saudi Arabian Oil Co., or Aramco.
The agreement, announced as part of a visit by GE Chief Executive Officer Jeffrey Immelt, is intended to complement the recently announced “Saudi Vision 2030” plan to help the crude-rich nation diversify its economy. The project, championed by Deputy Crown Prince Mohammed bin Salman, includes selling shares in Aramco, creating the world’s biggest sovereign wealth fund and generating more than $100 billion in additional non-oil revenue by 2020."
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