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May 24, 2016

Saudis spend big creating a post-oil future

DUBAI, United Arab Emirates (AP) — General Electric Co. said Monday it made a series of deals with Saudi Arabia worth more than $1.4 billion as part of the kingdom's ambitious plan to wean itself off crude oil.

GE said $1 billion worth of projects would be implemented by 2017 with the Saudi Arabian Industrial Investments Co., which formed in 2014 by royal order to boost the country's manufacturing industry. GE 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.


 
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