General Electric Wins $500 Million Dubai Deal

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General Electric (NYSE: GE  ) won contracts worth $500 million for equipment that will be used in phases 1 and 2 of a United Arab Emirates aluminum project, the Emirates Aluminium, or EMAL, smelter complex in Abu Dhabi, the company announced Monday.

For phase 1, GE will be upgrading six GE Frame 9F 3-series gas turbines currently operating at EMAL. GE will supply new gas and steam turbines, generators, and a plantwide control system for the EMAL phase 2 expansion. GE is supplying the equipment to EMAL general contractor Samsung C&T, which is building the new combined-cycle power plant for EMAL phase 2. Once complete, this and other equipment operating at the plant will be capable of producing more than 1,000 megawatts of power. Farther out, GE will provide long-term maintenance on the equipment in both phases of the contract.

The EMAL aluminum complex, a joint venture between Mubadala Development and Dubai Aluminium, is situated in the Khalifa Industrial Zone Abu Dhabi in Al Taweelah, Abu Dhabi.

GE shares declined 0.6% in Monday trading, closing at $23.62.

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9/23/2016 4:00 PM
GE $29.89 Down -0.15 -0.50%
General Electric CAPS Rating: ****