Saudi-US deals worth at least $380 billion were struck on May 20 during President Trump’s visit to Saudi Arabia, Saudi officials said. The Arab Kingdom and the US signed arms deals worth approximately $110bn, the White House announced on Saturday.
Several other multi-billion-dollar deals were sealed at the inaugural Saudi-US CEO Forum, also held on May 20. Signed in the presence of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the President of the USA, Donald Trump, the agreements covered power, healthcare, oil and gas, and mining, providing tangible benefits to both nations.
Here is a brief overview of the most important deals:
1. Saudi Ministry of Energy, Industry and Mineral Resources & National Industrial Cluster Development Program (NICDP)
The collaboration between GE, MEIM and NICDP lays the ground for identifying a range of investments and joint ventures in various industrial sectors – including power generation, digitisation technologies, oil and gas, mining, transport and aviation, and associated localisation and supply chain development – and is expected to exceed $12bn.
2. Saudi Aramco
Within the oil and gas sector, Aramco and GE have signed an MoU to undertake a digital transformation of Aramco’s operations, with the goal of generating $4bn in annual productivity improvements, in addition to a broader Oil & Gas Investment Feasibility Study MoU.
An agreement between Dussur and GE is for Phase 2 of GEMTEC in Dammam. Phase 1 is GE’s largest heavy-duty gas turbine repair facility worldwide. Phase 2 will allow for a major scaling up of the global industrial supply chain for the energy industry.
GE’s Digital Solutions will support Saudi Arabian Mining Company, Ma’aden in adapting to decreasing ore grades; reducing high energy and fuel costs; improving equipment reliability and availability; reducing maintenance costs and increasing overall productivity and efficiency.
Digital transformation of the healthcare sector
1. King Faisal Specialist Hospital
Education is a crucial component of this agreement, which will see the development of clinical, technical medical and leadership educational programs.
2. Dr Sulaiman Al Habib Medical Group (HMG)
GE and HMG are collaborating to deploy and develop a Hospital Information Solution through GE’s Predix, with the goal to deploy it in Saudi Arabia and across the region.
3. Saudi Telecom Company and Ministry of Health
The partners will introduce digital solutions through an Electronic Medical Records Predix Solution and a Centralised Appointment System , which together will serve to transform the centers into ‘digital hospitals’. These solutions will touch primary care facilities and hospitals across the region.
4. King Fahad Medical City
The agreement focuses on the radiology privatization proof-of-concept for the medical imaging department at the King Fahad Medical City and nearby hospitals, in addition to providing an operator to validate the government-wide operations over a ten-year period.
5. National Industrial Clusters Development Programme
This cooperation agreement will foster collaboration across multiple fronts in the development of biopharmaceutical capabilities in the Kingdom, stressing on the importance of vaccine research and the development of local capabilities, eventually leading to the initiation of a bio-science park.
6. Small and Media Enterprises Authority
The MoU with the Small and Media Enterprises Authority in Saudi serves to highlight the entrenched commitment to capability enhancement in GE’s business in the Kingdom.
Through the training and development of thousands of Saudi nationals, and the offering of thousands more job opportunities, the agreements are a crucial element of the long-term sustainability of local industry.