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General Electric (GE) signed a one billion riyal ($267 million) joint venture agreement today with Saudi Arabia's state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam, Reuters reports.

The agreement, follows an announcement by GE during President Trump's visit last weekend of $15 billion of business deals, including memorandums of understanding which would require further agreements to materialize.

GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly 3.75 billion riyals of investment by the two companies across multiple sectors in 2017, Reuters noted.

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