AirAsia X signed a Memorandum of Understanding (MoU) with GE in a deal worth $1.5 billion (RM4.91 billion) which was witnessed by United States President Barack Obama and Prime Minister Datuk Seri Najib Tun Razak this morning.

According to the MoU, GE will provide 50 engines and related maintenance to power 25 new Airbus A330 aircraft for AirAsia X, the long-haul, low-fare affiliate of AirAsia Group.

The deal will help support 25,000 GE engine jobs in Ohio, North Carolina, Vermont and also jobs for GE’s 150 suppliers in 35 states.

AirAsia has also ordered 600 GE engines, highlighting GE’s technical reliability, fuel efficiency performance and competitive pricing.

The MoU was signed by AirAsia Berhad Group CEO Tan Sri Tony Fernades and GE Global Growth & Operations Vice Chairman, and President & CEO John G Rice.

Meanwhile, Sime Darby signed an MOU with Verdezyne, a San Diego-based biotechnology company and will take a 30 percent stake in the company.

Verdezyne will use the investment to fund US-based research and development (R&D) and create 300 jobs.

The country’s fifth-largest banking group AmBank Group signed an MoU with MetLife, in which the two will establish a partnership to expand life insurance delivery in the region including for Muslim customers through ‘takaful’.

Through the deal, MetLife will own a 50 percent plus one share in AmBank’s Insurance subsidary, AmLife. The remaining shares will be owned by AmBank. The deal will support jobs and enhance employee expertise in both the US and Malaysia.

Witnessing the MoU signing was the last on Obama's itinerary on his first official visit to Malaysia. He departed for the Philippines on Air Force One this morning at 10:20am.