Following the historic Summit in Riyadh between His Royal Highness King Salman bin Abdulaziz Al Saud and U.S. President Donald Trump, Dussur (formerly called the Saudi Arabian Industrial Investments Company) and GE have signed a joint venture agreement worth more than SAR 1 billion.

The agreement represents significant progress towards achieving the Saudi Vision 2030 by continuing to localize gas turbine manufacturing in Saudi Arabia and helping to further develop a global industrial supply chain for the energy sector. It follows a strategic Memorandum of Understanding signed between Dussur and GE last year that is expected to result in nearly SAR 3.75 billion of co-investment by the two companies across multiple sectors in 2017.

H.E. Abdullatif bin Ahmed Al-Othman, Chairman of Dussur commented, “This landmark partnership between Dussur, a strategic industrial investments and development company, and GE, world renowned technology leader, underlines the commitment of Saudi Arabia to be a global player in the industrial sector in line with the goals of Saudi Vision 2030. This joint venture will contribute to stronger localized manufacturing ecosystems in Saudi Arabia. By creating a global supply chain we can unlock new growth opportunities that benefit the people of both nations.”

The joint venture will create the capacity to supply the majority of Saudi Arabia’s annual demand for gas turbines needed to satisfy the Kingdom’s growing electricity demands. It will create added economic value, contribute to the national economy, and boost the local supply chain to benefit Saudi small and medium enterprises (SMEs).

Joe Mastrangelo, President and CEO, GE’s Gas Power Systems, GE Power said: “This agreement builds off of GE’s eight-decade history in Saudi Arabia. We are expanding our state-of-the-art local manufacturing capabilities and have the ability to build a wide range of gas turbines in the Kingdom. Together with Dussur and in support of Vision 2030, we will better serve our customers in the Kingdom and across the region as the demand for power continues to grow.”