Showing how Riyadh’s ambitious Vision 2030 might take shape, US industrial engineering giant General Electric has joined Saudi state investor SAIIC in a partnership to promote diversification and localization through new initiatives – and create 4,000 jobs.

Saudi Arabian Industrial Investments Company (SAIIC) – established in 2014 by Saudi Arabia’s Public Investment Fund (PIF, 50%), Saudi Aramco (25%) and petchems firm Sabic (25%) to advance industrialization in...