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Saudi Arabia signs business deals worth $50 billion at 'Davos in the desert'
2018-12-05 07:21:24

Riyadh, Saudi Arabia (CNN Business)Saudi Arabia has signed agreements worth over $50 billion with global companies at an investor conference in Riyadh despite the international uproar over the killing of journalist Jamal Khashoggi.

State oil company Aramco announced Tuesday that it had signed 15 memorandums of understanding worth $34 billion with firms from eight countries, including the United States, at the Future Investment Initiative.

Aramco CEO Amir Nasser told CNN Business' Emerging Markets Editor John Defterios that $16 billion worth of deals had been done in other sectors of the Saudi economy.

Among the companies partnering with Aramco are US oil field service firms Halliburton (HAL), Schlumberger (SLB) and Baker Hughes (BHGE). US conglomerate Air Products (APD) will work on a gas power project.

France's Total (TOT) has agreed to begin engineering studies on building a petrochemical complex, as well as partner with Saudi Aramco on a retail gas station network. Hyundai Heavy Industries, from South Korea, will develop a maritime facility.

The remaining companies to sign deals with Aramco are based in the United Arab Emirates, Japan, India and China.



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