Abdullatif bin Ahmed Al Othman, Chairman of Dussur, and other senior officials of GE at the signing ceremony held in Riyadh recently.
Dussur, formerly operating under the name Saudi Arabian Industrial Investments Company, and GE have signed a joint venture agreement worth more than SR1bn to produce gas turbines within the Kingdom.
The agreement represents significant progress towards achieving the Saudi Vision 2030 by continuing to localise 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 SR3.75bn 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.
The 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.
Abdullatif bin Ahmed Al Othman, Chairman of Dussur, said: “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 localised 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.”
