General Electric signs 1 billion riyal gas turbine deal in Saudi Arabia

Industries Reuters

The General Electric logo is seen in a Sears store in Schaumburg, Illinois (Copyright Reuters 2016)

General Electric signed a one billion riyal ($267 million) joint venture agreement on Wednesday with Saudi Arabia's state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.

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The agreement, announced at a press conference in Riyadh, follows an announcement by GE during U.S. President Donald Trump's visit last weekend of $15 billion of business deals, including memorandums of understanding which would require further agreements to materialize.

GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly 3.75 billion riyals of investment by the two companies across multiple sectors in 2017.

(Reporting by Marwa Rashad; Writing by Katie Paul; Editing by Mark Potter)