GE to invest $1.4B in Saudi Arabia

General Electric today announced a series of investments worth at least $1.4 billion in Saudi Arabia.

In one investment, the company is teaming with two partners, including Saudi state-owned oil giant Aramco, to build a $400 million energy and marine sector manufacturing plant. It's expected to create 2,000 new jobs in the country.

GE also signed a memorandum of understanding to jointly invest $1 billion in sectors including water and aviation by 2017.

"The joint investment and collaboration will be a game changer for the kingdom's industrial and digital sectors," said GE CEO Jeffrey Immelt, who was meeting with ministers and business leaders in the coastal city of Jeddah on Monday.

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