Dussur, the Saudi Arabian Industrial Investments Company, has continued its industrialization push by signing MoUs with leading regional and international institutions in the Automotive, Chemicals and Industrial Metals sectors. HRH Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, attended the launch event of the National Industrial Development and Logistics Program (NIDLP) in Riyadh, where these investment plans were announced.
The MoUs have an important link to the company’s mission to bring strategic industries to Saudi Arabia’s domestic market and support the Kingdom’s industrialization journey. Dussur aims to invest in the creation of an Automotive Complex locally and have also outlined plans for a new venture in partnership with SABIC, under the umbrella of its national initiative ‘Nusaned’, to distribute liquid chemical products to the small and medium enterprises (SME) sector. Additionally, Dussur unveiled plans to invest in the Industrial Metals sector, producing aluminum for the aerospace industry. These plans highlight Dussur’s commitment to playing a key role in creating and establishing a thriving local industry and create skilled jobs for the local workforce.
Rasheed Al Shubaili, Dussur’s CEO said “These are significant milestones in Dussur’s journey. The deals that we are pursuing are not only vital to our strategy of unlocking sectors through our investments but will also help stimulate private sector and SME industrial investment activities more broadly.
Dussur’s mission to accelerate industrial development in Saudi Arabia is supported by government programs, such as NIDLP, to increase both the competitiveness of the sectors and private sector participation in these areas.”
Al Shubaili added, “Government and private sector partners are seamlessly working together to develop local industry and create a thriving investment ecosystem. We are grateful for the backing of our shareholders Saudi Aramco, Sabic and the Public Investment Fund, as well as the support from the Ministry of Energy, NIDLP, the Saudi Industrial Fund and the NICDP (Industrial Clusters). The climate of collaboration, with the shared goal of establishing an effective domestic industrial sector, has led us to this point.”
Dussur’s primary role is to advance industrialization and diversification away from oil through the creation of profitable companies, acting as a key catalyst for localization within the country’s Vision 2030 framework.