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General Electric (
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
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.
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