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GE signs nearly $700 mln turbine supply deal with Saudi Arabia

Tuesday, 26 Nov 2013 | 9:41 AM ET

Nov 26 (Reuters) - General Electric Co said on Tuesday it signed a nearly $700 million deal with Saudi Electricity Co to supply natural gas turbine generators.

The order comes as demand for GE's generators has begun to slowly recover after being weak for more than two years due to slowing global electricity demand.

GE said it currently has more than 500 generators installed in Saudi Arabia, supplying roughly half of the kingdom's power.

GE expects to begin shipping the new turbines, which will be built in South Carolina and New York, to Saudi Arabia in the beginning of 2015.

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