Saudi Arabian Industrial Investments Company announces 5 new investment deals

Saudi Arabian Industrial Investments Company (Dussur), owned by PIF, Aramco and Sabic, announced the successful signing of 5 new shareholder agreements governing 4 joint ventures and a global acquisition. In addition, there is an agreement with the Local Content Authority and a Memorandum of Understanding with the Human Resource Development Fund “Hadaf”.

These agreements and memorandums of understanding were announced at a special event attended by HRH Prince Abdulaziz Bin Salman, Minister of Energy and Investment, HE Bandar Alkhorayef, Minister of Industry and Mineral Resources , HE Hamad Al-Sheikh, Minister of Education at King Abdullah Petroleum Studies and Research Center (KAPSARC) on March 29, 2022.

The first joint venture agreement was signed with Korea-based SeAH Changwon Integrated Specialty Steel Co. Ltd (SeAH) to establish the first local seamless stainless steel tube production plant in the Kingdom of Saudi Arabia at (SPARK). The total investment for the creation of the joint venture is estimated at 270 million dollars. SeAH and Dussur will invest up to 140 million USD with a percentage share of 51% and 49% respectively. The rest of the funding for the joint venture will be provided by the Saudi Fund for Industrial Development.

The second joint venture agreement was signed between Dussur, Tatweer Educational Transportation Services Company and CHTC KINWIN Automobile Co. to establish the first state-of-the-art bus manufacturing plant in the Kingdom of Saudi Arabia with annual production capacity of 3,000 buses. . This project is in line with the Kingdom’s Vision 2030 and is significant as it is the first of its kind in Saudi Arabia and will support the localization of the automotive industry and the development of the automotive ecosystem. The Jeddah-based joint venture will manufacture and assemble several bus models in the first phase, using three types of engine technologies: internal combustion engine, pure electric and hydrogen fuel cell. The company will mainly serve the growing local demand, which is currently met by imports, and the growing demand for buses for Hajj and Umrah, schools, tourism and public transport.

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

The fourth joint venture agreement was signed between Dussur and the American company Baker Hughes for the construction of a mixing and chemical reaction plant with a production capacity of 30,000 tonnes to produce demulsifiers, antiscalants, corrosion inhibitors, biocides, etc. The facility will be located in Jubail City, Saudi Arabia. The range of products manufactured in the joint venture mainly meets the needs of refineries and companies related to oil services

Dussur also announced that it has entered into an acquisition agreement with international private equity consortium BroadPeak Global LP (Broad Peak Global) and Asia Green Fund (AGF) to acquire the Clean Technologies business of DuPont de Nemours, Inc. The new independent company will be named Elessent Clean Technologies (“Elessent”). It should be noted that the new company is a world leader in chemical catalysts and advanced equipment, specializing in environmental sustainability technologies in the metals, fertilizers, chemicals and petroleum refining sectors.

Dr. Raed Al Rayes, CEO of Dussur Company, considered that the signing of these agreements is a remarkable transformation for Dussur and a practical demonstration of its mission to invest in the industrial sector of the Kingdom, and to bring technologies and a know-how to take advantage of the Kingdom. existing resources and create more value. “At Dussur, we measure the impact of projects on development before investing. The Dussur portfolio has successfully attracted more than one billion Saudi riyals of foreign investment and created more than 2,600 direct jobs here 2030, with a nationalization of employment of no less than 65%, reaching up to 90% in some projects, in addition to the expected added value to the gross domestic product (GDP), which amounts to 50 billion rials Saudis over the next twenty years,” added Dr. Al Rayes.

Saudi Arabian Industrial Investments Company (Dussur) announces 5 new investment deals

Saudi Arabian Industrial Investments Company (Dussur), owned by PIF, Aramco and Sabic, announced the successful signing of 5 new shareholder agreements governing 4 joint ventures and a global acquisition. In addition, there is an agreement with the Local Content Authority and a Memorandum of Understanding with the Human Resource Development Fund “Hadaf”.

These agreements and memorandums of understanding were announced at a special event attended by HRH Prince Abdulaziz Bin Salman, Minister of Energy and Investment, HE Bandar Alkhorayef, Minister of Industry and Mineral Resources , HE Hamad Al-Sheikh, Minister of Education at King Abdullah Petroleum Studies and Research Center (KAPSARC) on March 29, 2022.

The first joint venture agreement was signed with Korea-based SeAH Changwon Integrated Specialty Steel Co. Ltd (SeAH) to establish the first local seamless stainless steel tube production plant in the Kingdom of Saudi Arabia at (SPARK). The total investment for the creation of the joint venture is estimated at 270 million dollars. SeAH and Dussur will invest up to 140 million USD with a percentage share of 51% and 49% respectively. The rest of the funding for the joint venture will be provided by the Saudi Fund for Industrial Development.

The second joint venture agreement was signed between Dussur, Tatweer Educational Transportation Services Company and CHTC KINWIN Automobile Co. to establish the first state-of-the-art bus manufacturing plant in the Kingdom of Saudi Arabia with annual production capacity of 3,000 buses. . This project is in line with the Kingdom’s Vision 2030 and is significant as it is the first of its kind in Saudi Arabia and will support the localization of the automotive industry and the development of the automotive ecosystem. The Jeddah-based joint venture will manufacture and assemble several bus models in the first phase, using three types of engine technologies: internal combustion engine, pure electric and hydrogen fuel cell. The company will mainly serve the growing local demand, which is currently met by imports, and the growing demand for buses for Hajj and Umrah, schools, tourism and public transport.

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

The fourth joint venture agreement was signed between Dussur and the American company Baker Hughes for the construction of a mixing and chemical reaction plant with a production capacity of 30,000 tonnes to produce demulsifiers, antiscalants, corrosion inhibitors, biocides, etc. The facility will be located in Jubail City, Saudi Arabia. The range of products manufactured in the joint venture mainly meets the needs of refineries and companies related to oil services

Dussur also announced that it has entered into an acquisition agreement with international private equity consortium BroadPeak Global LP (Broad Peak Global) and Asia Green Fund (AGF) to acquire the Clean Technologies business of DuPont de Nemours, Inc. The new independent company will be named Elessent Clean Technologies (“Elessent”). It should be noted that the new company is a world leader in chemical catalysts and advanced equipment, specializing in environmental sustainability technologies in the metals, fertilizers, chemicals and petroleum refining sectors.

Dr. Raed Al Rayes, CEO of Dussur Company, considered that the signing of these agreements is a remarkable transformation for Dussur and a practical demonstration of its mission to invest in the industrial sector of the Kingdom, and to bring technologies and a know-how to take advantage of the Kingdom. existing resources and create more value. “At Dussur, we measure the impact of projects on development before investing. The Dussur portfolio has successfully attracted more than one billion Saudi riyals of foreign investment and created more than 2,600 direct jobs here 2030, with a nationalization of employment of no less than 65%, reaching up to 90% in some projects, in addition to the expected added value to the gross domestic product (GDP), which amounts to 50 billion rials Saudis over the next twenty years,” added Dr. Al Rayes.

-Ends-

About Dusur:

The Saudi Arabian Industrial Investments Company (“Dussur”) is a strategic industrial investment company that partners with world-class experts to form cutting-edge joint ventures, including mergers and acquisitions in industrial sectors. Dussur makes regional and international industrial investments that create value for its partners and shareholders.

Learn more about www.dussur.com.

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