Dussur, Aramco and HHI sign joint venture

The signing ceremony was attended by officials of all companies including Dr. Raed Al-Rayes, Amin Al-Nasser, Mohammed Al-Assaf and KI Dong Lee.
Updated 10 July 2019
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Dussur, Aramco and HHI sign joint venture

The Saudi Arabian Industrial Investments Company (Dussur), Saudi Aramco, and Hyundai Heavy Industries (HHI) have signed a joint venture agreement to manufacture 2-stroke and 4-stroke marine and electric power plant (EPP) engines, as well as marine pumps. The manufacturing facility will be located in Ras Al-Khair in the Kingdom’s Eastern Province. 

The venture, which will establish the first marine engine manufacturing facility in the MENA region, will produce marine engines and pumps that power vessels, auxiliary equipment, generators and propulsion systems. The engines manufactured will also be used in commercial vessels propulsion, electrical power generation, cargo oil pumps and off-shore rig pumps. The manufacturing facility will benefit from the Kingdom’s strategic geographic location at the crossroads of important international trade routes between three continents and represents another step in cementing the Kingdom’s position as a unique regional logistical hub for global seaborne trade.

The signing ceremony was attended by Dr. Raed Al-Rayes, Dussur’s chief executive; Amin Al-Nasser, president and chief executive of Saudi Aramco; Mohammed Al-Assaf, new business development vice president of Saudi Aramco; and KI Dong Lee, senior executive vice president at HHI.

Dr. Al-Rayes said: “This partnership marks our commitment to enable private sector growth in the Kingdom by unlocking investments and attracting foreign direct investments. We are extremely excited to announce this joint venture with two highly respected organizations and look forward to further collaboration with our partners and shareholders to ensure we continue to support our national priority sectors in line with Vision 2030.”

He added: “The venture is expected to create over 720 jobs and will encourage the transfer of knowledge and industry know-how to Saudi Arabia. Facilitating such ventures reflects our mandate at Dussur where we strive to support the diversification of the local economy by creating sustainable industrial supply chains that will serve the current and regional local demand for years to come.” 

Under the joint venture agreement, Saudi Aramco is set to own 55 percent of its shares, while Dussur will own 15 percent and HHI is to own 30 percent. As the first of its kind in the Kingdom, the joint venture is expected to become the industry’s leading supplier of choice for local and regional maritime businesses.


Role of Indian engineers in KSA lauded at IEF meet

Updated 17 July 2019
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Role of Indian engineers in KSA lauded at IEF meet

Indian Engineers Forum (IEF) Jeddah Chapter recently held its 13th annual general meeting at Hotel Ramada Continental.

Ambassador of India to Saudi Arabia Dr. Ausaf Sayeed graced the event as chief guest and Consul General of India Noor Rahman Sheikh was guest of honor. IEF President Mohammed Sayeeduddin presided over the function.

Expressing appreciation for the activities of the forum, Ambassador Dr. Sayeed recalled its foundation in 2016 during his tenure as consul general of India in Jeddah.

He lauded Sayeeduddin, Amir Khan, Shuja Sheriff and other members and engineers for the activities of the forum and their contribution to the development of Saudi Arabia. Dr. Sayeed highlighted scarcity of water as an acute problem in the world in general and in India in particular. He shared his experience of interacting with engineers in the US, who developed a water condensation machine to extract water from humid air.

Consul General Noor Rahman Sheikh applauded IEF for its services to the engineering community in Saudi Arabia. He highlighted how the excellence of Indian engineers in each sector has impacted society. 

“Our zeal to be the best in whatever we do was demonstrated during last year’s Hajj. The mobile app developed by the Consul General of India is going to help the 200,000 pilgrims expected to come this year,” he said.

Amir Khan, founder and chairman of IEF, said IEF provides a platform for networking, career advancement, community service, and technology exchange. He urged Indian engineers to play a vital role in the development of Saudi Arabia, which he said would help strengthen the relations between India and the Kingdom.

Sayeeduddin thanked Dr. Sayeed for his support in the foundation of IEF. He announced that, having served as founding president for the last 13 years, he is now stepping down and the new president, unanimously elected, will be Khan Mustafa.

Nadeem Ahmed Ali, executive member of IEF, delivered a presentation on digital disruption.

Syed Nasir Khursheed, IEF general secretary, conducted the program.

Indian real estate advisory firm/ institutional channel partner 360 Realtors LLP participated in the event and were the main sponsors. A presentation covering major construction, residential and commercial projects in India was made by S. K. Vivek Kumar, head of international sales, 360 Realtors. Amit Hariyal also delivered a presentation on residential projects across the Indian cities of Bangalore, Chennai, Hyderabad and Pune. 

Abdul Rahman, general manager of TA Infra Projects, expressed happiness to be part of the IEF.

Khader Memon made a presentation titled “Special Investment Plan.”

The chief guest, guest of honor and sponsors were presented mementoes as a token of appreciation by the IEF president and executive committee. This was followed by the release of the annual magazine of the forum, Spectrum 2019, edited by Muazzam Sayeed.

A lively session of quiz was conducted by Munnawar Amafh. 

The event was attended by a number of guests from across the Kingdom, including Abdul Haseeb Hazari, Danish Ghafoor, Siadat Ali Khan, Shameem Kausar and Ahmed Omais.

The program started with a recitation of the Holy Qur’an by Talha Khan. Ashraf Nawaz Qureshi, IEF treasurer, welcomed the guests.

IEF Vice President Abu Bakar Sherkhan introduced the chief guest while Mohammed Shoebuddin, IEF chief coordinator, presented a vote of thanks.