The agreements’ signing ceremony
Saudi Arabian Industrial Investments Co. (Dussur), owned by the Public Investment Fund (PIF), Saudi Arabian Oil Co. (Saudi Aramco) and Saudi Basic Industries Corp. (SABIC), signed five agreements with international partners, Saudi Press Agency (SPA) reported.
One of these agreements was signed with Baker Hughes to establish a facility in Jubail Industrial City with a production capacity of 30,000 metric tons per annum for chemicals used in the oilfield and water treatment industries. The project will cater to the needs of the companies operating in the field of oil and gas, water treatment and chemicals.
Dussur also inked another agreement with Korea’s SeAH to establish the first seamless steel tubes facility in the MENA region at King Salman Energy Park (SPARK) at total investments of SAR 1 billion, or $270 million. SeAH and Dussur will inject up to SAR 525 million, or $140 million in investments, at ownership of 51% and 49% respectively. The remaining amount will be financed by the Saudi Industrial Development Fund (SIDF).
Another deal was concluded with CHTC Kinwin to establish a bus manufacturing facility in Jeddah, with a production capacity of 3,000 buses per annum. The project is expected to start production by Q4 2024.
3D Systems, the additive manufacturing solutions provider, sealed a deal with Dussur to expand the use of additive manufacturing (AM) within Saudi Arabia and MENA region, in line with Saudi Vision 2030. The facility will include a breadth of plastic and metal 3D printing technologies as well as 3D Systems application engineers who bring deep industry-specific expertise.
Dussur further completed an acquisition deal with a consortium of BroadPeak Global (BPG) and Asia Green Fund (AGF) to acquire DuPont Clean Technologies, and the company was rebranded into Elessent Clean technologies.
Dussur projects would attract more than SAR 1 billion in foreign investments, and provide over 2,600 direct jobs by 2030, with a localization rate of not less than 65% and may reach 90% in some projects, stated Dussur Chief Executive Officer (CEO) Raed AlRayes. Additionally, these projects target a contribution of SAR 50 billion to the Kingdom’s gross domestic product (GDP) over the coming 20 years, he added.
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