Saudi Arabian Industrial Investments Company is government company established in 2014 at Saudi Arabia for the development of strategic industrial investments. As of April 2019, its CEO is Dr. Raed Al-Rayes. The entity was established with an aim to accelerate industrial development in Saudi's economy by investing in or creating profitable entities in strategic economic sectors ultimately increasing the sector's competitiveness and the participation of the local private sector.
In July 2019, Dussur's shareholder Saudi Aramco along with Dussur and Hyundai Heavy Industries signed a JV agreement to manufacture marine pumps, as well as 2-stroke and 4-stroke marine and electric power plant engines. Located in Ras Al-Khair in the Kingdom's Eastern Province, the venture will establish the MENA region's first marine engine manufacturing facility, as well as marine engines and pumps. Dussur will hold 15 per cent Aramco, Aramco 55 per cent of the joint venture, and Hyundai Heavy Industries 30 per cent. The company is called GESAT.
In May 2017, aiming to localize the industry of gas turbine manufacturing and develop a worldwide supply chain for the industrial energy sector, Dussur and General Electric signed a JV agreement valued at $267 million or SAR 1 billion. Aspiring to supply the majority of Saudi Arabia's annual demand for gas turbines that is needed for the Kingdom's growing electricity demands, the project is expected to drive nearly SR3.75 billion of joint investment by the two companies across multiple sectors in 2017.
The Meaning of Dussur
“Dussur” translates to ropes in Arabic. The term refers to the nails that keep the ship intact. “Dussur”, in history, were aimed at tying together dhows' boards. The company reflects and projects the nation-wide mandate, Vision2030, of to unite Saudi Arabia's resources and grow the industrial landscape that will transform the Kingdom's economic transformation and diversification. As such, "Dussur" will tie together the country's resources, partner with companies and create joint ventures that will support the Kingdom's growth.
Objective, Vision & Mission
A Vision2030 entity, the organization's mandate is to support industries that diversify the Kingdom of Saudi Arabia from oil. The aim is to create sustainable, long-term visionary companies that the private sector may not develop alone, aiding the growth of strategic industrial sectors. The company focuses on localizing industrial value chains through joint venture partnerships with industry pioneers. The long-term impact of the organization would to be create high-quality jobs for the citizens of Saudi Arabia by investing in specific industrial sectors.
Shareholders
The Public Investment Fund : Created in 1971, the nation's sovereign wealth fund aims to support productive commercial projects that strategically benefit the Kingdom of Saudi Arabia's economy, of which the private sector can't take on alone.
Saudi Aramco: A global chemicals and petroleum enterprise, Aramco is Saudi Arabia's state-owned oil company which also serves as the main exporter of crude oil and natural gas liquids. Saudi Aramco focuses on exploring, producing, refining, distributing, and shipping hydrocarbons.
SABIC: Created in 1976, SABIC is a public company, 70% of which is owned by the government. It is deemed the world's largest petrochemicals manufacturers and operates in over fifty countries.
Link to Vision2030
With an overall aim to drive to drive economic development through the localization of industries in the Kingdom, the organization aligns with the principles of the Vision2030 framework, which outline the Kingdom's vision of local, sustainable industries and a diversified economy. By localizing industrial manufacturing chains, the organization aspires to attract FDI.
