GE and SAIIC invest $1bn in Saudi projects

31 May 2016

General Electric is to jointly invest more than $1bn into water, energy, aviation and digital projects in Saudi Arabia as the kingdom seeks to wean itself away from dependence on oil.

The funding, which is being jointly provided by co-investor Saudi Arabian Industrial Investments Company (SAIIC), will be rolled out by 2017 and could be boosted by further investments of up to $2 billion (SAR7.5 billion). It comes under the umbrella of the Saudi Vision 2030 spending reform programme.

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