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PIF-backed Dussur signs 4 joint ventures, global acquisition deal

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RIYADH: The Saudi Arabian Industrial Investments Co., known as Dussur and owned by PIF, Aramco and SABIC, has announced the signing of five new shareholders’ agreements.

The agreements consist of four joint ventures and one global acquisition deal, it said in a statement. 

Firstly, a $270 million JV agreement with the Korean SeAH Changwon Integrated Specialty Steel Co. to establish the first local seamless stainless-steel pipes and tubes production plant in Saudi Arabia. 

SeAH and Dussur will invest up to $149 million with a percentage share of 51 percent and 49 percent respectively, while the remaining will be provided by the Saudi Industrial Development Fund.

The second JV involves Tatweer Educational Transportation Services Co. and CHTC KINWIN Automobile Co. to establish the first bus manufacturing facility in the Kingdom with a yearly production capability of 3,000 buses. 

The third JV was signed with 3D Systems to establish the Center for Innovation and Additive Manufacturing in Saudi Arabia. 

The fourth deal was finalized with the US company Baker Hughes to establish a blending and chemical reaction facility with a production capacity of 30,000 megaton, to be located in Jubail City. 

Dussur has also completed an acquisition deal with an international private equity consortium BroadPeak Global LP and Asia Green Fund to acquire the Clean Technologies business of DuPont de Nemours, Inc.

The new company has been named Elessent Clean Technologies. 

The signing of the agreements is a practical demonstration of its mission of investing in the industrial sector in the Kingdom, said Dussur CEO Raed Al-Rayes. 

Dussur portfolio has attracted foreign investments of over SR1 billion ($266 million) and will create more than 2,600 direct jobs by 2030, with an employment nationalization of 65 percent

The company’s expected added value to the gross domestic product of Saudi Arabia is equivalent to SR50 billion over the next 20 years, Al-Rayes added.

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