RIYADH — General Electric (GE.N) signed a one billion riyal (US$267 million) joint venture agreement on Wednesday with Saudi Arabia's state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.

The agreement, announced at a press conference in Riyadh, follows an announcement by GE during U.S. President Donald Trump's visit last weekend of US$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.