Actionable news
0
All posts from Actionable news
Actionable news in GE: GENERAL ELECTRIC COMPANY,

General Electric's $3 Billion Investment Plan for Saudi Arabia

Editor's Note: This article was originally published on Real Money at 10:45 a.m. on May 23.

General Electric (GE) announced Monday that it has inked a memorandum of understanding with a Saudi Arabian investment company to launch up to $3 billion in digital and industrial investments for the kingdom.

GE and Saudi Arabia, which has long been trying to pivot away from crude oil production in hopes of protecting its market share from new market entrants, is expected to roll out about $1 billion in investments by next year, focusing on expanding water, energy and aviation ventures.

"This gives GE an opportunity to be the first company in an area that has a lot of room to expand," said Scott Berman, portfolio analyst for Jim Cramer's Action Alerts PLUS charitable trust, which holds GE stock.

The partnership is designed to complement the Saudi Vision 2030 initiative, which looks to "promote industrial diversification, deepen manufacturing capabilities in the Kingdom, build industrial know-how and create quality jobs for Saudi nationals," GE said in a Monday statement.

Back by Popular Demand…“Confessions of a Street...


More