Raed bin Nasser Al Rayes, CEO of the Saudi Arabian Industrial Investments Company (Dusur), said that Dussur is one of the initiatives of the major entities in Saudi Arabia represented by the Public Investment Fund, Aramco and SABIC to localize the industry in the Kingdom and raise the level of local content.
Dussur announced the signing of 4 agreements with international partners, including the establishment of a steel pipe factory, a factory for hydrogen and conventional electric buses, an innovation and manufacturing center for 3D printing, as well as a chemical production plant in cooperation with Baker Hughes.
Dr. Raed Al Rayes said, in an interview with Al Arabiya, today, Wednesday, that the first agreement “Dusur” was able to close with the Korean Sia Changwon Company, which owns high technologies and a good reputation in the markets for the production of steel pipes to establish a factory in Saudi Arabia with a production capacity of 19,000 tons annually. With tube sizes ranging from 3 to 10 inches, they are characterized by their ability to withstand high pressure, resist rust and have a longer life.
He added that the aim of this investment is to secure supplies to local markets and reduce imports of this type of pipes and service the oil, gas and water sectors, expecting commercial operation in the third quarter of 2024.
The first joint agreement was with the Korean Sia Changwon Company, to establish the first factory in the Middle East and North Africa region in King Salman Energy City (SPARK) to manufacture seamless stainless steel tubes.
The total investment for this project is estimated at one billion riyals ($270 million), and Sia and Dussur companies will pump up to 525 million riyals ($140 million) at a rate of 51% and 49%, respectively, while the rest of the amount will be financed by Saudi Industrial Development Fund.
The CEO of Dussur Company said that the agreement to establish a bus factory in Saudi Arabia is the result of cooperation between government sectors and investors in Saudi Arabia within an environment stimulating many investments as a result of the Kingdom’s Vision 2030, which removed challenges.
He added that the factory, with a capacity to accommodate 3 Saudi buses, is the first of its kind in Saudi Arabia, and targets all types of engines, whether hydrogen technologies, internal combustion and electric motors. of sectors.
He explained that it is targeted to be operational in the fourth quarter of 2024.
The plant is established in partnership with Tatweer Transport Services and the Chinese company CHTC KINWIN in Jeddah.
Dr. Raed Al-Rayes said that the third agreement came with the American company 3D Systems, which is listed on the stock market, to provide engineering solutions for 3D printing and on-demand printing to serve the main sectors, such as the industrial, medical and defense sectors.
He added that the project is based on commercial foundations for printing and a company listed on the stock market, which is one of the pioneers in 3D technologies, and we aim by partnering with it to transfer modern technology to be possible for many localization opportunities for many products in different sectors.
He said the project will start commercial operation this year.
Regarding the fourth agreement, the CEO said, it is with the American “Baker Hughes” company, to localize the oil field chemicals industry, especially since many of these materials are being exported and then re-imported again, and therefore the factory aims to maximize the added value and benefit from it. locally, and secure supplies.
He added that the plant aims to produce more than 100 different chemicals for all sectors in oil and water.
The production capacity of the facility is 30,000 metric tons annually for the production of chemicals used in the processes of manufacturing extracted oil and water treatment, as the project will be one of the first projects in the Kingdom that will introduce chemical reaction technology.