Allen & Overy has advised industrial development company Dussur, on a SAR1 billion riyal (USD267 million) joint venture agreement with General Electric (GE) to manufacture gas turbines in the eastern city of Dammam in the Kingdom of Saudi Arabia, which closed in June 2017.

The announcement on conclusion of the joint venture agreement followed the Summit held in May 2017 between His Royal Highness King Salman bin Abdulaziz Al Saud, and U.S. President Donald Trump. It is also part of the same announcement made by GE on 20 May 2017.

The agreement represents significant progress towards achieving the Saudi Vision 2030 by continuing to localise gas turbine manufacturing in Saudi Arabia, and helping to further develop a global industrial supply chain for the energy sector.

GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly SAR3.75 billion  (USD1 billion) of investment by the two companies across multiple sectors in 2017.

The A&O team was led by Corporate partners Jeremy Parr, Zeyad Khoshaim (Kingdom of Saudi Arabia), and Murad Daghles, as well as counsel, Mark Davis. Other advisors for Dussur include PwC/Strategy & who advised on strategy, commercial and deal execution and provided negotiation support, and Deloitte who provided tax and financial advice.