GE Receives $15 Billion Contract from Saudi Arabia

Building on its more than 80 years of partnership and experience in the Kingdom, #GE said it has taken significant steps in supporting the delivery of Saudi Vision 2030, announcing this weekend in partnership with the Kingdom a range of Memorandums of Understanding and projects valued at $15B – of which almost $7B are GE technology and solutions – across multiple sectors and partners aimed at creating a truly diverse and sustainable economic platform.

The initiatives touch upon the key pillars within #SaudiVision 2030, focusing on transforming the nation into a global investment leader and geographic hub and the upscaling of industrial skills and capabilities.

Among the projects, GE will help make Saudi power generation more efficient and provide digital technology to the operations of oil firm Saudi Aramco, aiming to create $4 billion of annual productivity improvements at Aramco. It will cooperate in medical research and training.

The agreements also place significant emphasis on human capital development and the digital transformation across multiple sectors, with the expanded application of GE’s Predix platform, which utilizes cloud-based data analytics to better ensure and enhance manufacturing efficiency.

Visit Stockwinners to read more.

The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »