Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest crude exporter, has signed a memorandum of understanding (MoU) with General Electric Co. (GE) and Italy’s Cividale del Friuli to build a forging and casting manufacturing facility with a joint investment of SAR 1.5 billion ($400 million).
The new facility will be established in Ras Al Khair and will serve maritime and energy industries, Aramco said in a statement.
The new joint venture is expected to create 2,000 job opportunities. It is forecast to be operational by 2020.
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