GE announces $15 billion of business deals with Saudi Arabia

[DonViejo]

Source: Reuters



Sat May 20, 2017 | 8:27am EDT

U.S. technology and engineering conglomerate GE said on Saturday it had signed $15 billion of business deals with Saudi Arabia as part of the kingdom's drive to diversify its economy beyond oil.

It came as dozens of senior U.S. business executives met Saudi counterparts at a conference coinciding with the visit of President Donald Trump to Riyadh.

The agreements, which involve almost $7 billion of goods and services from GE itself, range from the power and healthcare sectors to the oil and gas industry and mining, GE said. Some of the deals are memorandums of understanding which would require further agreements to materialize.

Among the projects, GE will help make Saudi power generation more efficient and provide digital technology to the operations of oil firm Saudi Aramco, aiming to create $4 billion of annual productivity improvements at Aramco. It will cooperate in medical research and training.

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Read more: http://www.reuters.com/article/us-usa-trump-saudi-ge-idUSKCN18G0FB

[Roland99]

1. Wonder how much of this came out of Welch's participation in the CEOs Meet Trump

[Bengus81]

2. $15 BILLION in "deals" for a Corporation that paid..........

An average of 5.2% in Federal income taxes from 2001 thru 2015.

"In fact, over the past 10 years, GE paid an effective federal income tax rate of -1.6 percent on $58 billion in profits. Over 15 years, the company’s federal income tax rate was just 5.2 percent. The company’s tax-avoiding ways extend to the state level, too. Over the past five years, the company paid an effective state income tax rate of just 1.6 percent. "

http://www.taxjusticeblog.org/archive/2016/04/just_plain_wrong_ge_and_verizo.php#.WSBcu8a1uUl

[LuckyLib]

3. Drumpf will take credit for it -- A fantastic deal!

Wait for it!