General Electric Co. announced on Monday that it has made a series of deals worth more than $1.4 billion with Saudi Arabia. The deals are a part of Saudi Arabia’s plan to wean itself off of crude oil. Vision 2030 is the name of the Kingdom’s plan to wean itself off dependence on oil production.
According to GE, $1 billion worth of projects would be implemented by 2017 with the Saudi Arabian Industrial Investments Co.
The Saudi Arabian Industrial Investments Co. was formed in 2014 by royal order to boost the country’s manufacturing industry.
GE has said its agreement with the organization would see it help develop industry and manufacturing in the kingdom, as well as create jobs for Saudi youth.
The remaining $400 million would go toward building a forging and casting manufacturing facility for the marine and energy industry in the Saudia Arabian Kingdom, with hopes of it being operational by 2020 and providing over 2,000 jobs.
The company said that there’s a possibility of another $2 billion in projects coming after 2017.
GE’s chairman and CEO Jeffrey Immelt said in a statement, “Together, we will create quality jobs for Saudi youth … boost exports, enhance economic competitiveness and support the vision and aspirations of Saudi Arabia.”