Riyadh, Saudi Arabia - May 28, 2023
Under the auspicious patronage of HRH Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, and in the presence of HE the Minister of Industry and Mineral Resources, Mr. Bandar Ibrahim Alkhorayef, the Saudi Arabian Industrial Investments Company “Dussur” proudly announced its acquisition of a substantial share in the Italian firm, Italmatch Chemicals.
Dussur's strategic acquisition aligns with its ongoing commitment to localizing advanced technologies in the Kingdom. Italmatch Chemicals, recognized globally as a leader in transformative chemicals, will experience a capital increase of 100 million euros as part of the transaction. These funds are set to drive the establishment and development of specialized factories across Saudi Arabia, boosting the local economy and infrastructure.
Italmatch Chemicals, best known for its manufacturing of advanced performance-enhancing additives, water treatment solutions, and various materials for the petroleum, gas, and plastics industry, will bring diverse expertise to Saudi Arabia. Furthermore, their range of products for the personal care chemicals sector will play a vital role in expanding and diversifying local production capabilities.
During the same event, the inauguration of the National Additive Manufacturing and Innovation company (NAMI), a joint venture between Dussur and US-based company, 3D Systems, was unveiled. NAMI is a first-of-its-kind in the Kingdom innovation center and service bureau. And this partnership was initially announced during the launch event of Dussur's projects at the end of March 2022.
NAMI will provide engineering solutions for 3D printing and on-demand printing for complex parts, offering consultancy, engineering design, reverse engineering, and post-processing services. It will leverage the latest cutting-edge materials, software, and hardware of 3D Systems for polymer and metal-based applications. The company will cater to vital sectors including oil & gas, automotive, aerospace, and health care. It will bolster the Kingdom's manufacturing journey by localizing state-of-the-art technologies, enhancing supply chain resilience, and fostering exceptional capabilities for the jobs of the future. The event also marked the signing of several Memorandum of Understandings (MOUs) and strategic cooperation agreements with key industry partners. Italmatch Chemicals signed on three agreements focusing on the supply of essential materials and technical collaboration to boost local chemical production capabilities. Concurrently, NAMI inked three collaborative MOUs aimed at developing a digital inventory for spare parts, advancing 3D printing in healthcare, and localizing printed spare parts production.
On this occasion, Dr. Raed AlRayes, CEO of Dussur, expressed confidence in Dussur's investment portfolio and its capability to contribute significantly to the supply chain security in the region. He further emphasized Dussur's commitment to leverage the Kingdom's natural resources and facilitate the transfer and localization of technology and knowledge. He stated, "These strategic initiatives align with our vision of fostering private sector investments and enabling complementary investments in production, processing, and distribution activities."CONTINUE READING