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.


Arabian Power Electronics factory starts operations

Updated 23 July 2019
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Arabian Power Electronics factory starts operations

The new plant of Arabian Power Electronics Company located in Dammam’s Industrial Area has started its operations following a soft-inauguration event on July 5.

The inaugural ceremony com- menced with the ribbon cut by Dr. Siddeek Ahmed, chairman and managing director, Eram Group.

Dr. Sattam Al-Omairy, director, APEC, did the ribbon cutting for the shop floor inauguration.

The meeting started with a wel- come address by Abdul Razack, group CEO, Eram Group.

Jacob Thomas, business unit head of APEC, spoke about the birth of APEC and how it grew to a market leader today in his open- ing remarks.

In his inaugural address, Dr. Sid- deek Ahmed, CMD, Eram Group, expressed his vision behind estab- lishing the first power electronic manufacturer of Saudi Arabia.

Saad Al-Shahrani, chairman, Saudi Council of Engineers, Rizwan Ahmed, director, Eram Group, Elio Maggi, executive board member, Eram Group, Mohd Al-Shallali, executive board member, Eram Group, Abdullah Al-Ajmi, corpo- rate affairs manager, APEC, also ad- dressed the event.

Madhu R. Krishnan, group direc- tor, Eram Group, offered a vote of thanks to all the well-wishers for their constant support to the com- pany during the past eight years.

Arabian Power Electronics Com- pany is a leading global power electronics manufacturer with world-wide operations and a production facility in Saudi Arabia.

APEC was established in 2011 as a flagship division of ERAM Group, one of the most diversified business conglomerates in the Middle East.

The company has gained wide ac- ceptance for the quality of products and services by serving more than 700 clients in the region and a total installed capacity over 12 MW of power backup systems.

The company has an operations and maintenance team capable of reaching clients across Saudi Arabia. The new facility will de- liver the most innovative technol- ogy, products and services as well as job opportunities to young Sau- di engineers. This will accelerate the company’s vision of becoming the pioneers of power electronics in the region.

As Vision 2030 demands the de- velopment of a more stable energy sector with localization of the tech- nology, APEC is close to achieving this through the process of trans- ferring power electronics technol- ogy to the Kingdom.

The facility is completely de- signed and constructed for the future. Its position and proximity to the upcoming King Salman En- ergy Park, which is going to be the epicenter of global Industries, will help turn the spotlight on APEC — the indigenous manufacturer.