Saudi Arabian Industrial Investments Company, also known as Dussur, has announced the signing of four new joint ventures and a global acquisition.
The agreements were revealed in a special event attended by Prince Abdulaziz Bin Salman, Minister of Energy and Investment, Bandar Alkhorayef, Minister of Industry and Mineral Resources and Hamad Al-Sheikh, Minister of Education at King Abdullah Petroleum Studies and Research Centre (KAPSARC).
The first JV agreement was signed with Korea’s SeAH Changwon Integrated Specialty Steel Co Ltd (SeAH) to establish the first seamless stainless steel pipe production plant in the kingdom with a total investment of $270 million.
SeAH and Dussur will invest up to $140 million with a percentage share of 51 percent and 49 percent respectively while the remaining financing will be provided by the Saudi Industrial Development Fund.
The second JV agreement was signed between Dussur, Tatweer Educational Transportation Services Company, and CHTC KINWIN Automobile Co to establish the first bus manufacturing facility in Saudi Arabia with an annual production capacity of 3,000 buses.
The Jeddah-based joint venture company will manufacture and assemble several bus models in the first phase and will primarily serve the growing local demand for Hajj and Umrah, schools, tourism and public transportation.
A JV agreement was also announced between Dussur and 3D Systems to establish the Centre for Innovation and Additive Manufacturing in the kingdom to serve key industries such as energy, aerospace, defence and healthcare.
Another agreement was signed between Dussur and the US company Baker Hughes to build a blending and chemical reaction facility with a production capacity of 30,000 tons to produce demulsifiers, scale inhibitors, corrosion inhibitors and biocides in Jubail City.
Dussur also announced the completion of an acquisition agreement with the international private equity consortium BroadPeak Global and Asia Green Fund to acquire the clean technologies business of DuPont de Nemours Inc.
Dr Raed Al Rayes, CEO of Dussur Company, said: “We measure the development impact of projects before investing. The Dussur portfolio has managed to attract more than SR1 billion worth of foreign investment and create more than 2,600 direct jobs by 2030.”
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