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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.

First-of-its-kind facility in the region to offer both sand-casting and open die forging processes (complemented by machining facilities)

The facility is expected to have an annual production capability of 60,000 tons

The facility is expected to create approximately 1,400 direct jobs

The facility is anticipated to be operational in the first quarter of 2025

Riyadh – January 18th, 2022: The Saudi Arabian Industrial Investments Company (Dussur), Saudi Aramco, and South Korea’s Doosan Heavy Industries & Construction Co., Ltd. (Doosan), a subsidiary of the Doosan Group, announced the establishment of Tuwaiq Casting & Forging Company, which is a joint venture (JV) to construct, own and operate a world-scale, integrated casting and forging facility in the industrial city of Ras Al Khair, Saudi Arabia. The production capacity of this project is expected to be 60,000 tons annually of various products used to supply original equipment manufacturers (OEMs) and local manufacturers in many fields including drilling rigs, drilling equipment, engines, and marine services, in addition to providing the local market with the resources needed to produce manufacturing and operating equipment such as valves, pumps, compressors, wellheads, pipe flanges, heat exchangers, gas turbines, and winds. The facility will focus on sand casting and open-die forging, coupled with machining efficiencies.

The project aims to cover the local demand for these products, with plans to expand abroad in regional markets. The JV facility in Ras Al Khair on Saudi Arabia’s east coast is expected to implement strong safety standards and utilize high-efficiency world-class processes to produce high-quality products. It is expected to localize expertise in multiple high-quality fabrication disciplines and create around 1,400 direct jobs. Commercial operation is expected by the first quarter of 2025. Dr. Raed Al-Rayes, CEO of Dussur, said, “Through this strategic investment, we seek to pave the way for the development and advancement of many manufacturing industries - in line with Kingdom’s Vision 2030. The aim of the project is to localize industrial supply chains and sectors such as the oil and gas industry, the marine sector, the automobile industry, and the defense sector. We are working to ensure that this project contributes to enhancing the local content, helping accelerate the growth and development of the manufacturing sector in the Kingdom. In addition to transferring the technical know-how and expertise by our technical partner (Doosan) in the casting and forging industry, benefitting the youth of the country.”He added, “This is a unique facility that will combine melting, casting, forging, and machining capabilities under one roof serving sectors under Dussur’s mandate of catalyzing the development of industrial value chains.”Dr. Al-Rayes concluded, “This wouldn’t have been possible without the support of the government and HRH Crown Prince Mohammad bin Salman, along with other government entities, including the Ministry of Energy, Investment and Industry. Also, we would like to thank the Committee for their support.” “This joint venture is expected to be instrumental in enabling multiple local industrial value chains.

The new facility is also expected to enable OEMs to expand their local spend through sourcing casting and forging components from the joint venture facility, and would eventually enhance their local content, in line with our localization objectives,” said Waleed Al-Saif, Aramco’s Executive Director of New Business Development. “This facility is meant to produce semi-finished and finished cast and forged components to meet the local demand-driven by Saudi Aramco, as well as the existing energy and industrial sectors, with a plan to serve the GCC region.It is also expected to act as a catalyst to unlock and attract future industries to be established within the Kingdom,” added Al-Saif. “This joint venture project represents a significant milestone as we expand overseas with our casting and forging technology,” said Geewon Park, Doosan Heavy Industries & Construction Chairman and CEO. “It will serve multiple industries throughout Saudi Arabia while also serving as a platform to offer our expertise in other emerging business areas such as renewable energy,” Geewon Park added.

Jeddah, 4 December 2021: The Saudi Arabian Industrial Investments Company (Dussur) today signed a joint venture with the Saudi Arabian Military Industries (SAMI), and France’s FIGEAC AÉRO Group, announcing the establishment of SAMI FIGEAC AÉRO Manufacturing LLC, the announcement was made during the Saudi-French Investment Forum held on the sidelines of the visit of the President of France Emmanuel Macron to Saudi Arabia. A joint venture to build a high-precision manufacturing facility in Saudi Arabia to produce aerostructures components. Through this agreement, the local entities seek to underline their commitment to strengthening Saudi Arabia’s aerospace ecosystem through global partnerships.

The announcement was made during the Saudi-French Investment Forum held on the sidelines of the visit of the President of France Emmanuel Macron to Saudi Arabia. The agreement was signed by Eng. Walid Abukhaled, CEO of SAMI, and Jean-Claude Maillard, Chairman, and CEO of FIGEAC AÉRO, and Dr. Read Al-Rayes, CEO of the Saudi Arabian Industrial Investment Company “Dussur”.

The joint venture aims to develop Saudi Arabia’s aerostructure manufacturing capabilities, train Saudi engineers and technicians to work as part of the project, and boost the localization of military and civil aerospace industries in line with Saudi Vision 2030. Initial products will focus on machining and processing of light alloy (aluminum) and hard metal (titanium) aerospace parts.

Commenting on the announcement, H.E. Mr. Ahmed bin Aqeel Al-Khateeb, Chairman of SAMI, said: “Through the establishment of this new joint venture, we at SAMI have further strengthened our commitment to supporting the development of a robust indigenous military industries sector in Saudi Arabia. By creating a distinctive partnership between local companies and a leading international player, we aim to accelerate the localization of advanced technologies in the aerostructures domain. In doing so, we shall also increase investment flows and create high-quality job opportunities for Saudi youth, in line with the targets outlined in Saudi Vision 2030.”

Eng. Walid Abukhaled, CEO of SAMI, stated: “The signing of today’s joint venture agreement marks a significant step in our drive to strengthen Saudi Arabia’s aerospace ecosystem through global partnerships. Together, the three signatories will collaborate with Saudi authorities and regulators to identify opportunities for the transfer of technology and expertise to the Kingdom, enhancing the local content and creating exciting opportunities in both the commercial and military aerostructure manufacturing industries.”

“In today’s circumstances, with so little visibility on the short term, finalising this partnership will create a real opportunity for FIGEAC AÉRO. It will not only enable us to establish a commercial footprint in the Middle East but also allow us to access Saudi Arabia’s military and commercial industrial offsets markets,” points out Jean-Claude Maillard, Chairman, and CEO of FIGEAC AÉRO. “Our shareholding in SAMI FIGEAC AÉRO Manufacturing LLC will be a minor one, but the Saudi company’s future investments will be backed by robust local and state banking partners. We will have a crucial role to play in laying the foundations of Saudi Arabia’s future aerospace industry.”

Dr. Raed Al-Rayes, CEO of Dussur, said: “This joint venture marks an important milestone in developing the industrial metals value chains in its highest application, aerospace. In line with Dussur’s mandate to grow strategic industries in Saudi Arabia, the joint venture will connect the Kingdom to the global aerospace OEMs’ supply chain, unlock the development of the aerospace industry in Saudi Arabia, and serve as a catalyst for future growth. Further, it will enable the flow of operational know-how to the Kingdom and give rise to the localization of aerostructure components manufacturing.”

The joint venture follows the signing of a Memorandum of Agreement (MoA) in 2019 at the International Paris Airshow. Its establishment was finalized upon receipt of all necessary regulatory approvals from the Saudi General Authority for Competition (GAC), which issued a No-Objection Certificate with respect to the completion of the economic merger between the three companies. The joint venture also successfully secured approvals from five other regions, including the European Union. Shares in the new company will be distributed between FIGEAC AÉRO, as a minority shareholder, and SAMI Dussur Aeronautics LLC, a partnership between SAMI and Dussur.

Over a 10-year period, the project will encompass a series of major investments – most of which to be financed by local financial institutions – including the launch of a new production facility in Jeddah located at the site of the Aircraft Accessories and Components Company (AACC). Currently, four cutting-edge 5-axis CNC machines and supporting production equipment are being commissioned by FIGEAC AÉRO’s technical teams to manufacture the first products by the end of the year 2021.

Phase One involves ramping up the facility, which is scheduled to be completed by 2024 for an investment of about USD 50 million (approximately equivalent to SAR 187.5 million), including machines, infrastructure, training, and certification, and aiming to generate USD 10 million (approximately equivalent to SAR 37.5 million) revenue by the end of the year 2024. SAMI FIGEAC AÉRO Manufacturing LLC will be equipped with fourteen state-of-the-art machining units and employ over 60 local people.

This joint venture has signed a service contract worth about USD 40 million (approximately equivalent to SAR 150 million), under which FIGEAC AÉRO will provide SAMI FIGEAC AÉRO Manufacturing LLC with a full range of industrial and technical assistance and transfer the relevant industrial know-how. Further, the three partners will collaborate with the Saudi authorities and regulators to identify and capture opportunities for localization in both the commercial and military sectors.

The Saudi Arabian Industrial Investments Company (Dussur), Saudi Aramco, and Hyundai Heavy Industries (HHI) have signed a joint venture to manufacture 2-stroke and 4-stroke marine and Electric Power Plants (EPP) engines, as well as marine pumps. The manufacturing facility will be located at Ras AlKhair in the Kingdom’s Eastern Province.

The venture, which will establish the first marine engine manufacturing facility in the MENA region will produce Marine engines and pumps that powers vessels, auxiliary equipment, generators and propulsion systems. The engines manufactured will also be used in commercial vessels propulsion, electrical power generation, cargo oil pumps and off-shore rig pumps. The manufacturing facility will benefit from the Kingdom’s strategic geographic location at the crossroads of important international trade routes between three continents and represents another step to cement the Kingdom’s position as a unique regional logistical hub for global seaborn trade.

The signing ceremony was attended by Dr. Raed AlRayes, Dussur’s Chief Executive Officer, Eng. Amin Alnasser, President and Chief Executive Officer of Saudi Aramco, Mohammed Alassaf, New Business Development Vice President of Saudi Aramco and KI Dong LEE, Senior Executive Vice President at Hyundai Heavy Industries.

Dr. Raed AlRayes commented on the launch of the initiative: “This partnership marks our commitment to enable private sector growth in the Kingdom by unlocking investments and attracting foreign direct investments. We are extremely excited to announce this joint venture with two highly respected organizations and look forward to further collaboration with our partners and shareholders to ensure we continue to support our national priority sectors in line with Vision 2030.”

“The venture is expected to create over 720 jobs and will encourage the transfer of knowledge and industry know-how to Saudi Arabia. Facilitating such ventures reflects our mandate at Dussur where we strive to support the diversification of the local economy by creating sustainable industrial supply chains that will serve the current and regional local demand for years to come.” added AlRayes.

The joint venture was signed with Saudi Aramco set to own 55 percent of its shares, while Dussur will own 15 percent and Hyundai Heavy Industries (HHI) is to own 30 percent. As first of its kind in the Kingdom, the joint venture will become the industry’s leading supplier of choice for local and regional maritime businesses.

Riyadh – April 8, 2019: Dussur, a strategic joint venture of the Public Investment Fund (PIF), Saudi Aramco and SABIC, announced today the appointment of Dr. Raed AlRayes as its new Chief Executive Officer with effect from April 1^st, 2019.

Dr. AlRayes has a proven track record of accomplishments in different professional capacities spanning nearly 20 years - with successful contributions across several fields including investment banking and direct investment. He has played a key role in many financial institutions where he held leadership positions, and he has made significant contributions through board positions in numerous companies. Additionally, he has served as a member in several executive and advisory committees for leading public and private institutions that operates in several sectors, including energy, industry and services sector.

“We are confident of the ability of Dr. Raed to be instrumental in implementing the company’s strategy to open up new industrial sectors that will be of great importance to realizing the goals of Vision 2030, most notably those of job creation and economic diversification,” said Mr. Mohammed Abunayyan, Chairman of the Board of Directors of Dussur. “This appointment comes after the successful completion of the company establishment phase led by Engineer Rasheed Al-Shubaili.” continued Abunayyan.

On his appointment, Dr. AlRayes said, “I am grateful for the confidence bestowed upon me by Board and being selected to lead Dussur. I will be working along with my colleagues to continue the journey that was started by Engineer Rasheed Al-Shubaili; together we will build up upon successes that were achieved in order to reach the aspirations of the company’s shareholders and Board of Directors, and cement the company’s position as a catalyst of achieving the Kingdom’s Vison 2030 through the establishment of valuable partnerships with leading global players.”

Dr Raed has held several leading positions in major companies in the Kingdom of Saudi Arabia, including the Deputy Chief Executive Officer and Head of Investment Banking at Al Rajhi Capital. He then served as CEO and General Manager of Arab Petroleum Investments Company (APICORP) in early 2014. Following that, he was appointed as an advisor to the Minister of Energy, Industry and Mineral Resources from May 2017, until he joined Dussur.

Dr. AlRayes earned his PhD in Management and a Postgraduate Diploma in Management & Business Research Methods, as well as a Masters’ Degree in Business Administration from the University of Bradford in the UK. He acquired his Bachelors’ Degree with honors in Islamic Economics from Al-Imam Muhammad Ibn Saud University.