The agreement to deliver health care technologies and build local R&D capabilities was made with the company’s London-based GE Healthcare arm.

The joint venture will be equally owned by GE Healthcare and the Qatar Foundation, with a projected budget in excess of $400m over its first five years.

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The joint venture will form the headquarters for GE’s Healthcare IT business in the Middle East and Africa and will aim to achieve $200m of annual revenues in the next five to seven years.