International Finance

Economic relations between Saudi Arabia & the US marks a new digital phase

Saudi Arabia, US companies, technology, oil and gas, Microsoft, Artificial Intelligence, Ma'aden, Fourth Industrial Revolution, Honeywell, Saudi Aramco,4G technology, Safnat
The two economies have signed several agreements and multiple MoUs in different sectors including technology and oil and gas

According to Al Arabiya, four other MoUs were signed by Saudi Arabia-based companies such as Saudi Aramco, Saudi Electricity Company and Safnat with a section of US-based companies. This is mainly to set-up advanced data systems and boost 4G technologies to increase business efficiency.

The mining company Ma’aden signed an agreement with American Industrial Corporation Alcoa to create 500 jobs by 2020 and develop its mining capacity by investing US$500mn.

Saudi Aramco’s agreement with Honeywell was to create 400 jobs by 2020 in the Fourth Industrial Revolution. In addition, an agreement with GE was signed to brace digital operations of Aramco worth US$4bn and create 750 jobs by 2020.

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