General Electric (G.E.) has won a series of deals in Saudi Arabia worth $1.4 billion and said it would double its workforce in the Kingdom from 2,000 to 4,000 by 2020, according to reports.
The deals amount to “support” for Saudi Arabia’s “Vision 2030” reform plan, according to Reuters, and were announced by the company’s CEO, Jeffrey Immelt, while visiting the kingdom.
“Saudi Arabia won support for its economic reform plan from one of the world’s biggest companies on Monday as General Electric Co (GE) said it would double its workforce in the kingdom to 4,000 people by 2020,” Reuters reports.
GE said $1 billion worth of projects would be implemented with the Saudi Arabian Industrial Investments Co. (SAIIC), which was formed in 2014 by royal order to boost the country’s manufacturing sector. SAAIIC is joint venture partnership involving the Saudi Arabian Public Investment Fund (PIF) with 50%, Saudi Aramco 25% and Saudi Basic Industries Corporation (SABIC) 25%.
An additional $400 million would go toward building a forging-and-casting manufacturing facility for the marine and energy industry in the kingdom, with hopes of it being in operation by 2020 and providing over 2,000 jobs, GE said, according to the AP.
“Together, we will create quality jobs for Saudi youth, … boost exports, enhance economic competitiveness and support the vision and aspirations of Saudi Arabia,” Immelt said in a statement.
G.E. won a $1 billion contract for the engineering, construction, and provision of gas turbine services for a new Saudi Electricity Company power plant just before the new year, on December 30th 2015. The plant, scheduled for completion in 4 years, will support the phosphate mining operations in the locality, in turn driving industrialization and job creation for Saudi nationals.
GE will deliver the turnkey power plant, supplying four advanced GE 7F.05 heavy duty gas turbines and a GE steam turbine, and featuring solar innovation technology. The 1,390 MW combined cycle plant will be able to provide the equivalent power needed to supply more than 500,000 Saudi homes.
