Dussur News |

GE Vernova acquires Dussur’s shares in General Electric Saudi Advanced Turbines (GESAT)

(Formerly a joint venture between Dussur and GE Vernova)

DAMMAM, Saudi Arabia (September 2, 2024) - The Saudi Arabian Industrial Investments Company (“Dussur”) successfully divested its 55% ownership stake in General Electric Saudi Advanced Turbines (“GESAT”) to GE Vernova Inc. (NYSE: GEV), bringing GE Vernova’s ownership to 100% in GESAT.

Since its establishment in 2017, GESAT has played an important role in meeting the Kingdom's demand for gas turbines, specifically through the localized completion of high-performance F-class and H-class gas turbines, and the manufacturing of post cast components and accessory modules.

GESAT is a successful joint venture that is supplying gas turbines and has manufactured more than 200 gas turbine modules to support power generation plants in up to 10 countries around the world, including Saudi Arabia.

In addition to GESAT’s above accomplishments, the company placed a great focus on transferring technological and industrial knowledge through trainings of Saudi cadres on gas turbine assembly and manufacturing processes. The trainings were completed at both GE Vernova’s Greenville site in the United States and the Belfort site in France.

“Dussur’s decision to sell its shares to GE Vernova follows achieving the investment and development objectives of this investment in GESAT, the company has been able to employ and train a number of young national talents; and transfer knowledge in the field of gas turbine technology,” said Dr. Raed Alrayes, Chief Executive Officer at Dussur.

He also noted that, “Dussur’s investment policy is to enter partnerships that establish transformational industries that the Kingdom needs or support its supply chains. After ensuring the stability and maturity of these industrial capabilities, Dussur exits with the aim of renewing its investments into new industrial opportunities of greater value to the local economy. Today, we are proud of the industrial capabilities that distinguish GESAT and can further grow under the sole ownership of GE Vernova.”

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa, said, “GE Vernova has been honored to partner with Dussur on GESAT since 2017. We have a strong legacy of almost 90 years of contributions to the development of Saudi Arabia’s energy infrastructure, with up to 580 employees in the Kingdom today. We intend to continue supporting economic diversification, localization, high value exports, and talent development efforts in the country to further the Kingdom’s goals under Saudi Vision 2030. We also remain committed to collaborating with various stakeholders to help accelerate Saudi Arabia’s transition to net zero greenhouse gas emissions by 2060.”

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology base helps generate approximately 25% of the world's electricity and has a meaningful role to play in the energy transition in Saudi Arabia and around the globe.

About the Saudi Arabian Industrial Investments Company (Dussur)

The Saudi Arabian Industrial Investment company, owned by The Saudi Public Investment Fund (“PIF”), Aramco, and Sabic, aims to maximize the developmental impact on the Saudi economy by executing strategic and sustainable industrial investments with world-class technical partners, building modern industrial value chains, and creating more value out of the kingdom’s resources.

Visit us at www.dussur.com

LinkedIn & X: @Dussur

For more information, you may contact us through: Info@dussur.com

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy.

Media Contact(s)

Abeer Masood

Communications Director – Middle East & Africa GE Vernova

Abeer.Masood@ge.com

GE Vernova rolls out first H-Class gas turbine completed at Saudi Arabia GESAT facility

GE Vernova’s advanced H-Class turbine is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP) in Saudi Arabia
The H-Class turbines are highly efficient, hydrogen-ready, and are designed to quickly adjust to support grid stability amid increasing renewable energy integration
GE Saudi Advanced Turbines (GESAT), a joint investment with Dussur, is the first facility in Saudi Arabia and the region to manufacture H-Class gas turbines and components

Dammam, Saudi Arabia; (July 1 2024)

In the presence of His Royal Highness Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. (NYSE: GEV) today announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam in an official ceremony held at GESAT. As part of the event, GE Vernova also signed a Memorandum of Understanding (MoU) with the Saudi Export-Import Bank (EXIM) to enable the export of goods and services of GE Vernova from Saudi Arabia. The ceremony was graced by His Royal Highness Prince Abdulaziz bin Salman, Saudi Minister of Energy, Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa, and other esteemed guests to mark the occasion.

GESAT is a world-class gas turbine and component manufacturing facility and a JV between Dussur and GE Vernova.The first locally completed H-Class unit is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), which once operational is anticipated to be the most efficient power plant in Saudi Arabia. By 2030, the entire Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates, as well as over 420 million standard cubic feet (MMSCFD) of ethane per day.

The successful rollout of the locally completed gas turbine at GESAT is a significant milestone in the Kingdom’s energy sector and contributes to Saudi Arabia’s economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals. The rollout underscores GE Vernova’s commitment to bringing cutting-edge technology products to support both the Kingdom’s energy needs and its sustainability goals.

Hisham Al Bahkali, President of GE Vernova in Saudi Arabia, said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030. GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW. GESAT is now further growing its ongoing success with the rollout of one of the most advanced gas turbines, completed in Saudi Arabia.”

Renowned for their high efficiency and performance, GE Vernova’s H-class gas turbines offer one of the most cost-effective conversions of natural gas to electricity in their class, and support flexible power generation needs across the Middle East.

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa, said: “GE Vernova has close to 90 years of legacy in the Kingdom, reflecting our strong commitment to advancing the country’s goals for energy security, economic diversification, and talent development under Saudi Vision 2030. The rollout of the first HA unit completed at GESAT is a testament to our efforts in further deepening power sector capabilities in the Kingdom. The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system.”

To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed an MoU with Saudi EXIM that aims at enabling the export of goods and services of GE Vernova from Saudi Arabia through lending and insurance support from Saudi EXIM Bank. Since inception, GESAT has been set up to deliver technology products for export from the Kingdom, and this MoU aims to further enable export projects. The signing was done by H.E. Eng. Saad Alkhalb, CEO of Saudi Exim Bank, and Hisham Al Bahkali, President of GE Vernova for Saudi Arabia.

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition.

About the Saudi Arabian Industrial Investments Company (Dussur)

The Saudi Arabian Industrial Investment company, owned by The Saudi Public Investment fund, Sabic, and Aramco, aims to maximize the developmental impact on the Saudi economy by executing strategic and sustainable industrial investments with world-class technical partners, building modern industrial value chains, and creating more value out of the kingdom’s resources.

Visit us at www.dussur.com

LinkedIn & X: @Dussur

For more information, you may contact us through: Info@dussur.com

About GE Vernova

GE Vernova (NYSE: GEV) is purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova’s Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

For more information, contact:

Abeer Masood

Communications Director – Middle East & Africa

GE Vernova

Abeer.Masood@ge.com

Baker Hughes, Dussur Inaugurate Saudi Petrolite Chemicals’ Facility, Supporting Regional Growing Market

Jubail Saudi Arabia -- Feb. 11, 2024

In the presence of HRH Prince Abdulaziz Bin Salman Al Saud, Minister of Energy, His Excellency Mr. Bandar bin Ibrahim AlKhorayef, Minister of Industry & Mineral Resources, and His Excellency Mr. Khalid Bin Abdulazizi Alfaleh, Minister of Investment, the Saudi Arabian Industrial Investment Company “Dussur” and Baker Hughes formally inaugurated today the joint (Saudi Petrolite Chemicals) facility focused on providing oilfield and industrial chemicals in The Kingdom of Saudi Arabia.

The new specialty chemicals manufacturing facility aims at increasing KSA’s supply base targets of raw materials like solvents and glycols and accelerating the development of manufacturing skills and capabilities of the local workforce. With faster delivery of fit-for-purpose chemical solutions, the facility is closer to customers and suppliers, creating efficiencies across the business.

On this occasion, Dr. Raed Al-Rayes, CEO of Dussur, says: “The establishment of the new Saudi Petrolite Chemicals Facility comes to maximize the developmental and economic impact in the Kingdom. It also comes within Dussur’s objectives, which contribute to supporting and enhancing strategic industrial investments, in a sustainable manner”.

The Dussur CEO also confirmed that the new factory works to provide localization opportunities to increase local raw materials and support the development of the local workforce and delivery to customers in Saudi Arabia, through shorter periods of time, and with these multiple characteristics, it possesses a highly valuable preferential advantage.

“Today, is a testament to Baker Hughes and Dussur’s continued efforts to drive in-country value to better serve the chemicals market in the Kingdom and across the region. Aligned to the Kingdom’s vision, the inauguration of the Saudi Petrolite Chemicals facility marks another milestone in the Kingdom’s remarkable journey of economic and industrial growth – and for Baker Hughes, I am proud to be a part of the journey, that we started more than 85 years ago in KSA, as we invest in growth together,” said Lorenzo Simonelli, Chairman and CEO, Baker Hughes.

The Saudi Petrolite Chemicals facility spans approximately 90,000 square meters with an on-site quality control lab, Ethylene Oxide and Propylene Oxide pipeline feedstock, and 18 storage tanks. The facility manufactures demulsifies, corrosions, paraffin dispersants and many other chemicals for the upstream, downstream, petrochemical and power markets in country. Manufacturing equipment also includes two reaction vessels, two blend tanks and 15 bulk liquid storage tanks.

Markus Solibieda Appointed as Dussur Chief Investment Officer

The Saudi Arabian Industrial Investment company, Dussur, announces today the appointment of Mr. Markus Solibieda as its new Chief Investment Officer with effect from November 1st, 2023. Markus Solibieda has over 28 years of professional expertise across several investment entities, before joining Dussur, Markus was the Managing Director of BASF Venture Capital GmbH, since 2016, an international leading chemical company. He was also a Partner at Mandarin Capital Partners and Head of the company’s Frankfurt office. Previously, he co-founded Baigo Capital, a European growth capital fund focused on the healthcare industry. Markus received his MBA from the European Business School following studies in Frankfurt (Germany), Dijon (France) and Phoenix (USA). He started his career with Deutsche Bank and Advent International in Frankfurt and London. And on his joining, Markus expressed: “It is a privilege to become part of Dussur’s team and vision, I am excited to be living in Saudi, and I look forward to building a successful investment portfolio with my highly professional and dedicated colleagues” CONTINUE READING

Dussur announces the acquisition of a stake in "Italmatch", and announces the inauguration of the National Company for Additive Manufacturing and Innovation "NAMI"

Riyadh, Saudi Arabia - May 28, 2023

Under the auspicious patronage of HRH Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, and in the presence of HE the Minister of Industry and Mineral Resources, Mr. Bandar Ibrahim Alkhorayef, the Saudi Arabian Industrial Investments Company “Dussur” proudly announced its acquisition of a substantial share in the Italian firm, Italmatch Chemicals.

Dussur's strategic acquisition aligns with its ongoing commitment to localizing advanced technologies in the Kingdom. Italmatch Chemicals, recognized globally as a leader in transformative chemicals, will experience a capital increase of 100 million euros as part of the transaction. These funds are set to drive the establishment and development of specialized factories across Saudi Arabia, boosting the local economy and infrastructure.

Italmatch Chemicals, best known for its manufacturing of advanced performance-enhancing additives, water treatment solutions, and various materials for the petroleum, gas, and plastics industry, will bring diverse expertise to Saudi Arabia. Furthermore, their range of products for the personal care chemicals sector will play a vital role in expanding and diversifying local production capabilities.

During the same event, the inauguration of the National Additive Manufacturing and Innovation company (NAMI), a joint venture between Dussur and US-based company, 3D Systems, was unveiled. NAMI is a first-of-its-kind in the Kingdom innovation center and service bureau. And this partnership was initially announced during the launch event of Dussur's projects at the end of March 2022.

NAMI will provide engineering solutions for 3D printing and on-demand printing for complex parts, offering consultancy, engineering design, reverse engineering, and post-processing services. It will leverage the latest cutting-edge materials, software, and hardware of 3D Systems for polymer and metal-based applications. The company will cater to vital sectors including oil & gas, automotive, aerospace, and health care. It will bolster the Kingdom's manufacturing journey by localizing state-of-the-art technologies, enhancing supply chain resilience, and fostering exceptional capabilities for the jobs of the future. The event also marked the signing of several Memorandum of Understandings (MOUs) and strategic cooperation agreements with key industry partners. Italmatch Chemicals signed on three agreements focusing on the supply of essential materials and technical collaboration to boost local chemical production capabilities. Concurrently, NAMI inked three collaborative MOUs aimed at developing a digital inventory for spare parts, advancing 3D printing in healthcare, and localizing printed spare parts production.

On this occasion, Dr. Raed AlRayes, CEO of Dussur, expressed confidence in Dussur's investment portfolio and its capability to contribute significantly to the supply chain security in the region. He further emphasized Dussur's commitment to leverage the Kingdom's natural resources and facilitate the transfer and localization of technology and knowledge. He stated, "These strategic initiatives align with our vision of fostering private sector investments and enabling complementary investments in production, processing, and distribution activities."

SeAH Gulf Special Steel Industries Held Groundbreaking Ceremony for the Kingdom’s first stainless seamless pipe and tube production plant

Saudi Arabia, 1 February 2023 SeAH Gulf Special Steel Industries, owned by Saudi Arabian Industrial Investments Company (Dussur) and South Korean SeAH Changwon Integrated Special Steel, broke ground on the construction of the first stainless seamless pipe and tube production plant in the MENA region on Wednesday, February 1, 2023, at King Salman Energy Park (SPARK).

The ground broke by Dussur CEO Dr. Raed Alrayes, and President and CEO of SeAH Holdings Mr. Tae Sung Lee , attended by South Korean Ambassador Mr. joon Yong Park, Executive Vice President of ARAMCO Mr. Ahmad Al-Sa’adi, , Vice Chairman of SeAH Holdings Mr. Eui Sook Park, CEO of SeAH CSS Mr. Sang Eun Lee, and CEO of Dussur Dr. Raed Al-Rayes.

SeAH Gulf Special Steel Industries is a joint venture between Dussur and South Korean SeAH Changwon Integrated Special Steel to establish the first stainless seamless pipe and tube production plant in the MENA region with a production capacity of 20,000 tons per year.

Through SeAH Gulf Special industries past EPC agreement with Sendan International, which has developed a strong position as a contractor in the Kingdom, the plant will be built on a 177,845-square-meter area at SPARK, one of the most developed industrial cities in the Kingdom, for its strategic location which offers integrated industrial, water, and telecommunication services. The plant is expected to begin its commercial operations by 2025.

This project highlights the parties’ shared mission to advance the Saudi industrial sector and serve the kingdom's oil, gas, energy, and water industry through strategic investments and partnerships with local and global entities.

Signing an agreement between SeAH Gulf Special Steel LLC and King Salman Energy City SPARK to allocate industrial land
and the contract signing for the construction of "SeAH Gulf Special Steel" factory with Sendan International

King Salman Energy City SPARK - 12\9\2022 . In an advanced step for the SeAH Gulf Special Steel, owned by the Saudi Arabian Industrial Investments Company Dussur, and the Korean SeAH changwon Integrated special steel Corporation, an industrial land allocation agreement was signed with King Salman Energy City SPARK to establish the first factory specialized in the industrial field of manufacturing Stainless Steel Seamless Pipes in the Middle East and North Africa Region, with an investment of more than 1billion Saudi Riyals.

The agreement represents a strategic partnership between SeAH Gulf Special Steel and Spark to allocate a land area of 177,845 square meters to establish SeAH Gulf Special Steel factory, with a production capacity of 20,000 tons per year. And the importance of SeAH Gulf Special Steel factory lies in the opportunities of attracting global expertise and localizing the stainless-steel pipe industry, by serving the oil and gas sectors in addition to energy and water.

Spark location has been chosen because it is one of the most developed industrial cities in the Kingdom, as it provides integrated industrial services that include electricity and gas supplies, in addition to water and communication services.

On the same day, SeAH Gulf Special Steel signed another agreement granting Sendan International Company the engineering, procurement, and construction contract (EPC) valued at more than 260 million Saudi Riyals, to build the factory, and for a period of 34 months. Sendan has developed a strong position as a contractor in the oil, gas, petrochemical, power, water, and mining in the Kingdom, It is worth noting that this construction contract will achieve local content and localization rates that are compatible with the Local Content and Government Procurement Authority.

It is expected for the commercial operation of the factory to start by 2025, which will result in the transfer and localization of industrial knowledge in the Kingdom, and the creation of 240 technical and engineering job opportunities for the sons and daughters of the Kingdom, in addition to reducing dependence on imports for the of strategic goods in the Saudi Arabia. This was confirmed by the CEO of Dussur, Dr. Raed Al Rayes said: “Dussur was established to be a sustainable investment model that helps develop key industrial sectors and their associated value chains in the Kingdom. This joint venture is an important achievement that will meet the current demand for stainless steel pipes in the Kingdom of Saudi Arabia and the MENA region, in line with Dussur’s mission to empower the industrial sector, maximizing the developmental impact through the transfer and localization of industrial knowledge, creating professional jobs for Saudis, and attracting foreign direct investments, following the objectives of the Saudi Vision 2030.”

Dr. Al Rayes also added that these two signed agreements confirm the ability of Dussur, owned by the Public Investment Fund, Saudi Aramco and Sabic rapid implementation of announced projects.

In the presence of His Royal Highness Prince Saud bin Nayef, Governor of the Eastern Province, and His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, Dussur sign an MOU with the Saudi Petroleum Services Polytechnic

Dammam, Saudi Arabia; May 16th, 2022

In the presence of His Royal Highness Prince Saud bin Nayef, Governor of the Eastern Province, and His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, a memorandum of understanding was signed between the Saudi Arabian Industrial Investments Company (DUSSUR) and the Saudi Petroleum Services Polytechnic (SPSP) to develop human resources to include:

- Support economic diversification through human development

- Train Saudis on new Industrial technologies and automation

- Manage and implement on-job training inside and outside the Kingdom

Under the patronage of HRH Minister of Energy, Dussur signs an MOU with General Electric

Dammam, Saudi Arabia; May 16th, 2022

Under the patronage of HRH Prince Abdulaziz Bin Salman, Saudi Minister of Energy, a memorandum of understanding was signed between the Saudi Arabian Industrial Investments Company (DUSSUR) and GE to develop a roadmap to enhance the capabilities of GESAT

- Adding services for operating heavy loads in future gas power generation projects in Saudi Arabia

- Facilitate further transfer of knowledge and capabilities within GESAT

- Adding gas turbine products to enhance the capabilities of GESAT

Under the patronage of HRH Minister of Energy, Dussur Company signs 5 industrial investment agreements in 5 growing sectors

Riyadh – March 29th, 2022

Under the patronage of HRH Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, the Saudi Arabian Industrial Investments Company (Dussur), owned by the Public Investment Fund, Saudi Aramco, and the Saudi Basic Industries Corporation (SABIC), announced the signing of four JV agreements with global partners, comprises the establishment of a seamless tube factory, a factory for hydrogen and conventional electric buses, an innovative and manufacturing center for 3D printing, a chemical production plant for oil manufacturing extracted from water, in addition to a global acquisition of a clean technology company that manufactures chemical catalysts and advanced equipment specialized in environmental sustainability technologies in industries such as minerals, fertilizers, chemicals, and oil refining. Moreover, the signing of an agreement with the Local Content and Government Procurement Authority, and an MoU with the Human Resources Development Fund “HRDF”. These agreements and MoU were announced in a special event attended by HRH Prince Abdulaziz Bin Salman, Minister of Investment, H.E. Bandar Alkhorayef, Minister of Industry and Mineral Resources, H.E. Hamad Al-Sheikh, Minister of Education, and (King Abdullah Petroleum Studies and Research Center (KAPSARC) on March 29th, 2022.

The first JV agreement was with the Korean company SeAH Changwon Integrated Specialty Steel Co. Ltd (SeAH) to establish the first local seamless stainless-steel pipes and tubes production plant in the Kingdom of Saudi Arabia located in (SPARK). The total investment for the establishment of the JV is estimated at 270 million USD. SeAH and Dussur will invest up to USD 140 million with a percentage share of 51% and 49% respectively, and the remaining funding for the joint venture will be provided by the Saudi industrial development fund.

The second JV agreement was between Dussur, Tatweer Educational Transportation Services Company, and CHTC KINWIN Automobile Co. to establish the first state-of-the-art bus manufacturing facility in the Kingdom of Saudi Arabia with a yearly production capability of 3000 buses, taking into consideration that this is project is compliant with the Kingdom vision 2030, and highly important for being the first of its kind in Saudi Arabia, and will support the localization of the automobile industry and the development of the automotive ecosystem. Located in Jeddah, the joint venture company will manufacture and assemble several models of buses in its first phase utilizing three types of engine technologies: internal combustion engine, pure electrical, and hydrogen fuel cell. The company will cater mainly to the growing local demand, currently met by imports, and serve the growth in demand for buses used for Hajj & Umrah, schools, tourism, and public transportation”

The third JV agreement announced at the event was between Dussur and 3D Systems to establish The Center for Innovation and Additive Manufacturing in the kingdom. The JV will provide on-demand printing and application engineering solutions to serve key industries such as energy, aerospace, defense, and healthcare. This initiative will support the Kingdom’s industrialization journey by localizing disruptive technologies, contributing to the security of supply, and building unique capabilities for the jobs of the future.

As for the fourth JV agreement, it was between Dussur and the US company Baker Hughes to establish a blending and chemical reaction facility with a production capacity of 30,000 Mts producing Demulsifiers, Scale Inhibitors, Corrosion Inhibitors, Biocides, etc., the range of products produced at the joint venture caters primarily to the needs of refineries, and oilfield service-related companies. The facility will be in Jubail City, Saudi Arabia.

Dussur has also announced the completion of a successful acquisition deal with an international private equity consortium BroadPeak Global LP (Broad Peak Global) and Asia Green Fund (AGF), to acquire Clean Technologies business of DuPont de Nemours, Inc.. The new, independent company has been named Elessent Clean Technologies (“Elessent”). It is worth remarking that the new company is a world leader in the manufacture of chemical catalysts and advanced equipment specializing in environmental sustainability technologies in the industries of metals, fertilizers, chemicals, and oil refining.

Dr. Raed Al Rayes, CEO of Dussur Company, considered that signing these agreements is a remarkable transformation for Dussur, and a practical demonstration of its mission of investing in the industrial sector in the Kingdom, and bringing technologies and know-how in order to adventure from the available resources in the Kingdom to add more value. Moreover, we in Dussur are measuring the development impact of projects before investing. Dussur portfolio has managed to attract foreign investments “FDI” worth over one billion Saudi riyals, and create more than 2,600 direct jobs by 2030, with an employment nationalization of no less than 65% rate and reaching 90% in some projects, in addition to the expected added value to the gross domestic product “GDP” which equivalent to 50 billion Saudi riyals over the next twenty years, Dr. Al Rayes added.