MUSCAT, MARCH 30
@HammamBadi
Saudi Arabian Industrial Investments Company (Dussur), owned by PIF, Aramco and Sabic, announced the successful signing of five new shareholder agreements governing four 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 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 the Kingdom of Saudi Arabia in (SPARK). The total investment for the establishment of the joint venture is estimated at $270 million. SeAH and Dussur will invest up to $140 million with a percentage share of 51 per cent and 49 per cent respectively. The remaining financing for the joint venture will be provided by the Saudi Industrial Development Fund.
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 buses manufacturing facility in Saudi Arabia with an annual production capacity of 3,000 buses.
The third JV agreement was between Dussur and 3D Systems to establish the Center 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.
Dussur also announced the successful completion of an acquisition agreement with the 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.
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