Saudi Arabian Industrial Investments Company (Dussur), owned by PIF, Aramco, and Sabic, has signed five new shareholder deals governing four joint ventures, including a USD 270M steel pipe plant, and a global acquisition.
In addition, there is an agreement with the Local Content Authority and a Memorandum of Understanding with the Human Resources Development Fund ‘Hadaf’.
The first JV agreement was signed with Korea’s SeAH Changwon Integrated Specialty Steel Co Ltd (SeAH) to establish the first local seamless stainless steel pipe production plant in Saudi Arabia (SPARK). The total investment for the establishment of the joint venture is estimated at USD 270M.
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 facility in Saudi Arabia with an annual production capacity of 3,000 buses.
The third JV was between Dussur and 3D Systems to establish the Centre for Innovation and Additive Manufacturing in the kingdom. The joint venture will provide on-demand printing and application engineering solutions for key industries such as energy, aerospace, defence, and healthcare.
The fourth joint venture agreement was signed between Dussur and the US company Baker Hughes to build a blending and chemical reaction facility with a production capacity of 30,000 tonnes to produce demulsifiers, scale inhibitors, corrosion inhibitors, biocides, etc.
The facility will be located in Jubail City, Saudi Arabia. The range of products produced at the joint venture caters primarily to the needs of refineries, and oilfield service-related companies.