The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril - RTS16EVF

RIYADH (Reuters) - General Electric (GE) signed a one billion riyal ($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 $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.