05/23/2016 00:46 EDT | Updated 05/23/2017 01:12 EDT

GE announces deals worth over $1.4 billion with Saudi Arabia

DUBAI, United Arab Emirates — General Electric Co. says it has made a series of deals with Saudi Arabia worth over $1.4 billion.

GE made the announcement Monday, saying it is part of a plan by the kingdom to diversify its economy.

Saudi state-run media did not immediately report on the deals.

The deal comes as part of the kingdom's Vision 2030 plan to wean itself off dependence on oil production. The plan, pushed by Deputy Crown Prince Mohammed bin Salman, the son of King Salman, also calls for floating a stake in the world's largest oil company, Saudi Arabian Oil Co., and setting up one of the world's biggest government investment funds.

GE is based in Fairfield, Connecticut.