GE inks $500mn Saudi contract

DEAL SEALED: US giant General Electric has inked a deal with Saudi Electric to the tune of $500 million. (Getty Images)

General Electric said on Thursday that its GE Energy unit had won $500 million in contracts to supply gas turbines and generators to various power plants owned by the Saudi Electricity Co.

SEC is the leading electricity supplier in Saudi Arabia, where GE says demand for power is growing 8% annually.

Saudi Arabia is one the fastest-growing markets for GE's power and water, transportation and health-care products.

GE, the second-largest US company by market capitalization, is also a member of one of four groups vying for a 30-year, $5 billion contract to build and operate a 1,100 km (685 mile) railway across the Saudi desert.

The project is one of many that Saudi Arabia is engaged in to develop its infrastructure, tourism and industry as it enjoys an economic boom powered by a quadrupling of oil prices in the past six years.

A winner for the rail project is expected next month. (Reuters)

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