Saudi Arabia: GE, Siemens buy into MBS’s vision

Issue 1016 - 03 Jun 2016 | 1 minute read

General Electric has said it could invest up to $3bn “to develop and localise industrial value chains” in the kingdom. This is in line with Deputy Crown Prince Mohammed Bin Salman (MBS)’s Vision 2030. The US industrial giant’s tie up is with Saudi Arabian Industrial Investments Company (Saiic), which was established in 2014 by MBS’s favoured Public Investment Fund (50%), with Saudi Aramco and Sabic (both 25%). The partners said they would roll out joint investments of $1bn by 2017 along with an aggregate potential investment of $2bn) to “drive projects in water, energy, aviation, digital and other sectors from 2017”.

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