General Electric Company (GE) announced a $267 million (SR1 billion) joint venture with Saudi Arabian Industrial Investments Company (Dussur) to make gas turbines in Dammam. The partnership follows GE’s $15 billion in agreements over the weekend. According to a memorandum of understanding that GE and Dussur signed in 2016, the two companies plan to invest a combined $1 billion (SR3.75 billion) in various sectors of the Saudi economy in 2017.
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(FILES) In this file photo taken on August 13, 2017 St James' Park stadium, home ground of Newcastle United, is pictured in Newcastle-upon-Tyne, north east England, ahead of the English Premier League football match between Newcastle United and Tottenham Hotspur. - A Saudi-backed £300m ($368 million) takeover of Newcastle United is nearing completion at a time when the rest of the football industry is on its knees due to the economic crisis caused by coronavirus. For Saudi Arabia's Public Investment Fund (PIF), led by Crown Prince Mohammed bin Salman, that will reportedly take an 80 percent stake in the Premier League club, the crisis presents an opportunity. (Photo by Lindsey PARNABY / AFP) / RESTRICTED TO EDITORIAL USE. No use with unauthorized audio, video, data, fixture lists, club/league logos or 'live' services. Online in-match use limited to 75 images, no video emulation. No use in betting, games or single club/league/player publications. / The sports and recreation industry in Saudi Arabia is opening[...]