Tuesday, May 30, 2017

Dussur, GE ink $1bn Saudi industrial JV

Saudi-based Dussur said it has signed a SR3.75 billion ($1 billion) agreement with General Electric (GE) to co-invest in strategic sectors that will help develop and localise industrial value chains in the kingdom to serve the domestic market and beyond.

Dussur ((formerly the Saudi Arabian Industrial Investments Company) is a joint venture between Saudi Arabian Public Investment Fund (PIF), Saudi Aramco, and Saudi Arabia Basic Industries Corporation (Sabic).

The MoU mainly aims to establish transformative projects that will promote industrial diversification, deepen manufacturing capabilities in the kingdom, build industrial know-how, and create quality jobs for Saudi nationals, it stated.

The company said in addition to this, an aggregate potential investment of SR7.5 billion ($2 billion) will be made to support projects in the fields of water, energy, aviation, digital, and other sectors as of 2017.

As per the agreement, the two firms will co-operate in developing a wide range of digital industrial applications and solutions that aim to deepen digital innovation locally.

The software solutions will cover data visualisation, big data management, and data analytics, among others, it added.-TradeArabia News Service

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