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.

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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.

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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.

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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.

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Dussur, the Saudi Arabian Industrial Investments Company, has continued its industrialization push by signing MoUs with leading regional and international institutions in the Automotive, Chemicals and Industrial Metals sectors. HRH Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, attended the launch event of the National Industrial Development and Logistics Program (NIDLP) in Riyadh, where these investment plans were announced.

The MoUs have an important link to the company’s mission to bring strategic industries to Saudi Arabia’s domestic market and support the Kingdom’s industrialization journey.  Dussur aims to invest in the creation of an Automotive Complex locally and have also outlined plans for a new venture in partnership with SABIC, under the umbrella of its national initiative ‘Nusaned’, to distribute liquid chemical products to the small and medium enterprises (SME) sector. Additionally, Dussur unveiled plans to invest in the Industrial Metals sector, producing aluminum for the aerospace industry. These plans highlight Dussur’s commitment to playing a key role in creating and establishing a thriving local industry and create skilled jobs for the local workforce.

Rasheed Al Shubaili, Dussur’s CEO said “These are significant milestones in Dussur’s journey. The deals that we are pursuing are not only vital to our strategy of unlocking sectors through our investments but will also help stimulate private sector and SME industrial investment activities more broadly.

Dussur’s mission to accelerate industrial development in Saudi Arabia is supported by government programs, such as NIDLP, to increase both the competitiveness of the sectors and private sector participation in these areas.”

Al Shubaili added, “Government and private sector partners are seamlessly working together to develop local industry and create a thriving investment ecosystem. We are grateful for the backing of our shareholders Saudi Aramco, Sabic and the Public Investment Fund, as well as the support from the Ministry of Energy, NIDLP, the Saudi Industrial Fund and the NICDP (Industrial Clusters). The climate of collaboration, with the shared goal of establishing an effective domestic industrial sector, has led us to this point.”

Dussur’s primary role is to advance industrialization and diversification away from oil through the creation of profitable companies, acting as a key catalyst for localization within the country’s Vision 2030 framework.

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Riyadh, Rabi'II 25, 1439, January 12, 2018, SPA -- The Kingdom of Saudi Arabia, represented by the Ministry of Energy, Industry and Mineral Resources will participate with 14 Saudi sectors in the fields of energy, industry and electricity in an interactive pavilion at the Abu Dhabi week for Sustainability 2018, to be begun tomorrow and lasts until 20 January.

The participation will include a number of conferences and working sessions, discussions on renewable energy and sustainable development.

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JEDDAH: Saudi Aramco, the Saudi Arabian Industrial Investments Company (Dussur) and Hyundai Heavy Industries (HHI) on Wednesday announced the launch of a joint venture to manufacture 2-stroke and 4-stroke engines and marine pumps.

A memorandum of understanding (MoU), in this regard, has been signed, which lays out a comprehensive cooperation framework for the joint venture in the Kingdom. The project not only envisages manufacture of engines and pumps but it will also offer sales and aftersales services in the Middle East and North Africa (MENA). According to a press release issued by Saudi Aramco, the manufacturing facility will be co-located with the maritime yard in Ras Al-Khair at the King Salman International Complex for Maritime Industries and Services, where it will develop synergies with several complementary ventures.

The joint venture will manufacture 4-stroke engines under HHI’s HiMSEN brand licensing, serving as a regional production stronghold to support the growing demand for electricity in the MENA region as well as marine applications for large and small vessels. It will also operate under a MAN-HHI sublicense for the manufacturing and servicing of 2-stroke engines.

The project is expected to generate over 650 direct jobs, as well as indirect jobs through the development of the supply chain. The joint venture will commence operations by the end of 2019, the press release said.

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*In line with Saudi Vision 2030, Dussur and GE support Saudi Arabia’s growing industrial sector *Dussur and GE partner to localize the manufacturing of gas turbines in Dammam

Riyadh, Saudi Arabia; May 24, 2017: Dussur (formerly operating under the name Saudi Arabian Industrial Investments Company) and GE (NYSE: GE) have signed a joint venture agreement worth more than SAR 1 billion. This announcement follows the Summit held earlier this week between His Royal Highness King Salman bin Abdulaziz Al Saud and U.S. President Donald Trump and is part of the announcement GE made on May 20.

The agreement represents significant progress towards achieving the Saudi Vision 2030 by continuing to localize gas turbine manufacturing in Saudi Arabia and helping to further develop a global industrial supply chain for the energy sector. It follows a strategic Memorandum of Understanding signed between Dussur and GE last year that is expected to result in nearly SAR 3.75 billion of co-investment by the two companies across multiple sectors in 2017.

The joint venture will create the capacity to supply the majority of Saudi Arabia’s annual demand for gas turbines needed to satisfy the Kingdom’s growing electricity demands. This investment will create added economic value, contribute to the national economy, and boost the local supply chain to benefit Saudi small and medium enterprises (SMEs). Under this agreement, GE and Dussur will strengthen ‘Made in Saudi’ capabilities by expanding manufacturing processes specifically around gas turbine component technology.

Commitment to economic growth

H.E. Abdullatif bin Ahmed Al-Othman, Chairman of Dussur commented: “This landmark partnership between Dussur, a strategic industrial investments and development company, and GE, world renowned technology leader, underlines the commitment of Saudi Arabia to be a global player in the industrial sector in line with the goals of Saudi Vision 2030. This joint venture will contribute to stronger localized manufacturing ecosystems in Saudi Arabia. By creating a global supply chain we can unlock new growth opportunities that benefit the people of both nations.”

“In line with Saudi Vision 2030, Dussur has been established to be a driver of economic diversification, value creation and talent development,” said Rasheed Al-Shubaili, CEO of Dussur. “Dussur works with global partners to create a dynamic industrial ecosystem in the Kingdom that will strengthen Saudi Arabia’s economic competitiveness. Through the strength of our partnerships inside the Kingdom, our agility and our local market knowledge, Dussur is an investment partner that can enhance an international company’s reach into Saudi Arabia and the regional market. With this joint venture, we are setting a global model for building industrial ecosystems that supports the growth of local economies. These investments and opportunities strengthen the Kingdom’s position as a manufacturing hub for the energy industry.”

Paul McElhinney, President & CEO, GE’s Power Services, GE Power said: “The joint venture underscores GE’s firm commitment to the Kingdom’s Vision 2030, building on its key business growth priorities and emphasizing the growing importance of localization. The reciprocal investment between nations is a natural progression of a fundamentally strong partnership, taking the collaboration to new heights and allowing for the acceleration of key infrastructure projects and their subsequent impact on jobs, supply chains and overall economies.”

Joe Mastrangelo, President and CEO, GE’s Gas Power Systems, GE Power said: "This agreement builds off of GE's eight-decade history in Saudi Arabia. We are expanding our state-of-the-art local manufacturing capabilities and have the ability to build a wide range of gas turbines in the Kingdom. Together with Dussur and in support of Vision 2030, we will better serve our customers in the Kingdom and across the region as the demand for power continues to grow.”

The World Energy Council estimates that the GCC will require 10 gigawatts (GW) of additional power over the next ten years, marking an investment of over SAR 180 billion in new power generating capacity. Across the region, demand for power is increasing at an average annual rate of 8 percent. The agreement is expected to have  impact on the Saudi economy as the investment in the energy sector by Dussur and GE will help to address these needs by supplying essential equipment for the power generation sector.

-ends-

Note to Editors

About Dussur:

Dussur is a joint venture of Saudi Arabian Public Investment Fund (PIF), Saudi Aramco and Saudi Arabia Basic Industries Corporation (SABIC). The mandate of the company is to invest in and develop viable and sustainable businesses that directly enable the development and growth of strategic industrial sectors and their value chains in the Kingdom. Dussur will promote the economic diversification and localization of industrial value chains and manufacturing capabilities in the Kingdom through its investments and thereby stimulate private sector and SME industrial investment activities. It is targeting to create a significant number of quality jobs for the Kingdom's citizens through its investments in the targeted industrial sectors

About GE:

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

About GEMTEC:

GE opened Phase II of GEMTEC last year, transforming it into the region’s first ‘Brilliant Factory’. A ‘Brilliant Factory’ features the highest standards of operational efficiency and productivity, as well as lower costs and real-time monitoring to achieve reduced downtime. Phase II has already rolled off a 7F gas turbine in addition to gas compression trains.

The company’s largest heavy duty gas turbine repair shop globally, GEMTEC Phase I employs more than 300 skilled workers, over 65 percent of them Saudi professionals.

For more information on Dussur, please contact:

Bandar S. Alghamdi

Director of Corporate Communications & Branding

M +966 5656 8 5656, T +966 11 826 5000

Bandar.Alghamdi@Dussur.com

For more information on GE, please contact:

Stephen McCallion

Communications Leader, Saudi Arabia & Bahrain

+966 549196404

stephen.mccallion@ge.com

Kelly Home | Nivine William

ASDA’A Burson-Marsteller

+9714 4507 600

kelly.home@bm.com | nivine.william@bm.com

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*Roll-out of over US$1 billion joint investments over the next year followed by potential investment of US$2 billion in energy, aviation, digital and other sectors from 2017

*Projects to contribute to transformation of Saudi economy through industrial diversification, value chain localization, strengthening private sector and SME investment and creating quality jobs for Saudi nationals

Jeddah, Saudi Arabia; May 23, 2016: DUSSUR and GE (NYSE: GE) have signed a Memorandum of Understanding (MoU) to co-invest in strategic sectors that will help develop and localize industrial value chains in Saudi Arabia to serve the domestic market and beyond.

Joint investments of US$1 billion (SAR3.75 billion), will be rolled out by 2017, in addition to an aggregate potential investment of US$2 billion (SAR7.5 billion) to drive projects in water, energy, aviation, digital and other sectors from 2017.

Complementing the goals of Saudi Vision 2030, the overarching aim of the agreement is to establish transformative projects that will promote industrial diversification, deepen manufacturing capabilities in the Kingdom, build industrial know-how and create quality jobs for Saudi nationals. This will be through joint ventures in advanced manufacturing facilities in the Kingdom as well as by developing emerging digital and other industrial technological capabilities in Saudi Arabia.

DUSSUR and GE will also co-develop wide-ranging digital industrial applications and solutions that aim to foster home-grown digital innovation. The software solutions will cover data visualization, big data management, and data analytics, among others.

H.E. Eng. Abdullatif Al-Othman, DUSSUR Chairman of the Board, said: “This agreement with GE to form joint ventures and co-invest in strategic, high-growth industrial and digital sectors, is at the core of DUSSUR’s mission and supports the Saudi Vision 2030 to strengthen the Kingdom’s economic diversification. DUSSUR’s mandate is to invest in and establish strategic industrial value chains in Saudi Arabia that promote the development of local manufacturing capabilities, quality jobs and attract new technologies and investments. This strategic alliance with GE is an ideal fit to deliver on these goals, and together we will contribute to the long-term economic competitiveness and diversified growth of the Saudi economy.”

Jeffrey Immelt, Chairman & CEO of GE, said: “We are honored to be among the first companies to partner with DUSSUR in meeting its strategic development goals of Saudi Vision 2030. We will work together to build manufacturing capabilities of GE in Saudi Arabia and develop more ‘Made in Saudi’ high-tech technology, creating a robust local supply chain. The agreement will also lead to strengthening the culture of digital innovation in the Kingdom. The joint investment and collaboration will be a game changer for the Kingdom’s industrial and digital sectors.”

A joint venture of Saudi Arabian Public Investment Fund (PIF), Saudi Aramco and Saudi Arabia Basic Industries Corporation (SABIC), DUSSUR has the mandate to investing in and developing globally competitive industrial sectors in the Kingdom. It focuses on driving inward investments to the Kingdom through joint ventures and partnerships with global industry leaders.

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Khobar, Kingdom of Saudi Arabia; March 9, 2016: The CEO of DUSSUR outlined the major role the newly formed organisation will play in promoting the Kingdom’s economic diversification by establishing profitable companies that will stimulate private sector industrial investments.

In a speech at the Saudi Downstream conference in Jubail, Rasheed Al-Shubaili also explained how DUSSUR will support the national diversification agenda of Saudi Arabia’s leadership.

DUSSUR is a joint venture between the Saudi Arabian Public Investment Fund (PIF), Saudi Aramco and SABIC (Saudi Basic Industries Corporation) with a mission to support the establishment of globally competitive industrial sectors. The company will focus on investments in the Kingdom through joint venture partnerships with global industry leaders, with each investment designed to be sustainable and actively contribute to the development of strategically important industrial value chains.

The Saudi Downstream conference was selected for this important speech given the petrochemical’s sector significant contribution towards economic diversification in Saudi Arabia over the last decade. It was also the conference where Prince Faisal Bin Turki Al Saud first outlined the requirement for an investment and development company like DUSSUR.

Al-Shubaili said: “The notable accomplishments of the Kingdom’s petrochemical sector are both an inspiration and a roadmap for DUSSUR as we begin to deliver on our critical mission. Inspired by the words of Prince Turki bin Faisal and in line with the vision laid out by the leadership of the Kingdom, DUSSUR is now operational and ready to develop sectors that will provide quality, skilled jobs for Saudi nationals for generations to come.”

During his speech, Al-Shubaili noted that while the Kingdom’s diversification has increased in recent years, including through the greater participation of the private sector and numerous government initiatives, there remains room to advance the agenda.

“As a country, we still import a large portion of our downstream equipment and services in sectors where we have large demand. DUSSUR will work to close this gap,” he said. “We will do this by addressing several barriers. For example, we know that the long-term capital intensive nature of such industrial investments does not meet the preferred risk appetite of private investors, and that diversified industrial sectors require cluster enabling investments. We also understand that potential partners require a trusted, active equity partner in the Kingdom that can facilitate access to the developing sectors.”

Although DUSSUR is a new investment and development company, Al-Shubaili confirmed that industrial investments – including those made in and around manufacturing – would be priority for initial investments. Some of the sectors DUSSUR will pursue include: Oil & Gas Equipment and Services and Power, Water and Utilities Equipment. Al-Shubaili announced that other sectors will follow.

“We also know that a key driver of our investments will be to complement and enable the work of the private sector in Saudi Arabia and create new opportunities for growth at the SME level,” he said.

Al-Shubaili was appointed DUSSUR CEO in 2015 following more than two decades spent in senior leadership roles in the Kingdom’s industrial sector, with a particular focus on building and delivering joint ventures and mega projects. He began his career with SABIC in the early 1990s, holding multiple roles before being named Vice-President Engineering and Project Management.

Al-Shubaili concluded: “We in DUSSUR have been entrusted with an exciting and challenging mission. With the backing of the government of Saudi Arabia and our shareholders, we have all of the elements needed to develop new economic opportunities that will benefit the Kingdom and its people for decades to come.”

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