Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG), which is 25% owned by Saudi Basic Industries Corp (SABIC) has signed a joint investment memorandum of understanding (MoU) with New York-listed General Electric (GE).
Joint investments amounting to $1 billion ($3.75 billion) will by launched by 2017, added to possible investments $2 billion (SAR 7.5 billion) to support the water, energy, and digital technology sectors starting next year, a statement showed.
Accordingly total investments under the MoU amount to $3 billion (SAR 11.25 billion).
SIIG was established in 2014 by the Public Investment Fund (PIF) which owns 50% of the company, while Saudi Aramco and SABIC each own a 25% stake in the company.
