GE Aerospace (GE)

[eFinanceMarkets]

GE-Saudi JV to start gas turbine production this year, exec says

General Electric's (GE +0.2%) joint venture to manufacture gas turbines in Saudi Arabia will start production by the end of this year, with the first turbine to be completed in 2018, according to the top executive of its state-backed Saudi partner.

GE and Saudi industrial development company Dussur signed an agreement earlier this week to set up the 1B riyal ($267M) JV in the city of Dammam.

The JV, which is 55% owned by Dussur and 45% by GE, followed an MoU signed last year by GE and Dussur that is expected to draw 3.75B riyals of investment by the two companies in 2017.