Riyadh – Mubasher: DUSSUR and General Electric (GE) signed a memorandum of understanding (MoU) to co-invest in strategic sectors that will help develop and localise industrial value chains in Saudi Arabia to serve the domestic market and beyond, according to a statement.

The Saudi company said that joint investment worth SAR 3.75 billion ($1 billion) will be launched by 2017, in addition to an aggregate potential investment of SAR 7.5 billion ($2 billion) to support projects in the fields of water, energy, aviation, digital, and other sectors as of 2017.

The MoU mainly aims to establish transformative projects that will promote industrial diversification, deepen manufacturing capabilities in the Kingdom, build industrial know-how, and create quality jobs for Saudi nationals, the statement added.

The two firms will cooperate in developing a wide range of digital industrial applications and solutions that aim to deepen digital innovation locally.

The software solutions will cover data visualisation, big data management, and data analytics, among others, Dussur noted.

It is worth noting that Dussur is a joint venture of Saudi Arabian Public Investment Fund (PIF), Saudi Aramco, and Saudi Arabia Basic Industries Corporation (SABIC).