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