(MENAFN) Saudi Arabian Industrial Investments Co. (SAIIC) and General Elect (GE) received a USD 2.9bn investment pact to increase regional manufacturing in water, energy and other sectors.
Additionally, the deal signed between both firms is predicted to make jobs for thousands of Saudis and enhance the SMEs sector, while joint investments of USD 1bn will be rolled.
The agreement with GE to create joint ventures and co-invest in industrial and digital sectors will encourage Saudi Vision 2030 aimed at boosting the kingdom's economy position.
Moreover, SAIIC will invest and set up strategic industrial value chains in the kingdom that promote the development of regional manufacturing capabilities.
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