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Wed 16 Feb 2011 12:52 AM

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Siemens to build factory in Saudi Arabia

German company to spend hundreds of millions of dollars in deal, Saudi pushes to diversify economy

Siemens to build factory in Saudi Arabia
FACTORY PLANS: The plant is part of Saudi Arabias push to develop its industrial base and diversify its economy away from oil

German conglomerate Siemens said Tuesday it would invest hundred of millions of dollars to build a factory in Saudi Arabia, which has been wooing industrial companies in a bid to diversify its economy.

The factory, which would make gas turbines and rotating equipment, would begin operations 18 months after government approvals and permissions.

Siemens said the factory plans follow a meeting of Siemens Chief Executive Peter Loescher, state-run Saudi Aramco's CEO Khalid Al Falih and Saudi Electricity Co CEO Ali Al Barrak.

The plant is part of Saudi Arabia's push to develop its industrial base and diversify its economy away from oil, by making industrial equipment locally.

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