GE in forging and casting JV with Aramco

GE chief executive Jeffrey Immelt said in a statement today that GE is working on a $400 million forging and casting venture with Saudi Aramco that would supply materials to the marine and energy industries and other projects.

The facture will be operating by 2020 and create more than 2,000 jobs, Immelt said.

GE will cooperate with the Saudi Arabian Industrial Investments Company (SAIIC) to develop joint ventures that boost Saudi Arabia’s industrial capacity.

SAIIC was founded in 2014.

GE is also developing a military aviation engines maintenance centre and factory making light-emitting diode (LED) lighting products, as well as training, biotechnology and radiology operations, Immelt said.

GE aims eventually to export more than $100 million of locally-made products and services annually from Saudi Arabia.