Abu Dhabi, UAETuesday 25 June 2019

Deals signed during Donald Trump’s Saudi Arabia visit

Deals in excess of $380 billion (Dh1.4 trillion) were signed on the first day of Mr trump's visit to Riyadh, Saudi foreign minister Adel Al Jubeir said.

• Washington and Riyadh signed deals worth almost $110 billion (Dh440bn) for the supply of US defence equipment and services to Saudi Arabia.

US companies also announced deals or agreements with Saudi Arabia worth tens of billions of dollars, including:

• General Electric said it signed $15 billion worth of business deals ranging from the power and healthcare sectors to the oil and gas industry and mining, and involving almost $7bn of goods and services from GE itself.

• Exxon Mobil and Saudi Basic Industries will study setting up a petrochemical project in Texas, with a final decision expected next year.

• Raytheon will establish a Raytheon Arabia business unit and help to develop Saudi defence, aerospace and security capabilities.

• Lockheed Martin will support the final assembly and completion of an estimated 150 S-70 Black Hawk utility helicopters in Saudi Arabia, in a deal worth $6bn.

• General Dynamics will help to localise design, manufacturing and support of armoured combat vehicles.

• Dow Chemical signed an agreement on building a manufacturing facility to produce polymers for coatings and water-treatment applications, and agreed to a feasibility study on a proposed investment in performance silicones.

• A new joint venture between Saudi Aramco and National Oilwell Varco to make high-specification drilling rigs and equipment in the kingdom, involving $6bn of investment over 10 years.

• Weatherford signed an agreement on potential projects worth $2bn, related to localising oil field goods and services.

• An extension of a joint venture with Nabors will see additional well services and studies into rig movements involving investment of $9bn over 10 years and the creation of 4,000-5,000 new Saudi jobs.

• A $7 billion investment over 10 years with Rowan Companies to own and operate offshore drilling rigs.

• McDermott and Honeywell signed agreements worth $2.8bn and $3.6bn, respectively, on potential projects localising goods and services in Saudi Aramco’s supply chain.

* Agencies

Updated: May 21, 2017 04:00 AM

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