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

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.

ICD & We-Fi empower women entrepreneurs

Updated 18 September 2019

ICD & We-Fi empower women entrepreneurs

With the aim of discussing how the Islamic Corporation for the Development of the Private Sector (ICD) and the Women Entrepreneurs Finance Initiative (We-Fi) can expand their relationship and integrate the gender themes into ICD’s operations and businesses, a meeting was held between Ayman Amin Sejiny, CEO of ICD; Wendy Teleki, head of We-Fi secretariat; and Samir Suleymanov, director strategic initiatives, World Bank, at ICD’s premises in Jeddah recently. The parties discussed the development and promotion of women’s entrepreneurship through innovative sustainable solutions to increase women’s access to economic opportunities in developing countries. 

Teleki highlighted the main objectives of We-Fi, which is to support women entrepreneurs around the world through programs that provide financing, capacity building and also promote enabling environments that allow women to become entrepreneurs and grow their businesses. We-Fi uses an ecosystem approach to develop programs at the country level that will break down barriers and create more opportunities for women.

During the meeting, Ayman said: “ICD and We-Fi are working together to enhance their initiatives and mandates in supporting the female society in all ICD’s member countries. We want to ensure that our lines of finance and our relationship with the 102 directly connected financial institutions we are dealing with will further enhance the funding, training to women entrepreneurs and to provide the required necessary support to women in all our member countries.”

Teleki said that We-Fi has six implementing partners (IP) and the Islamic Development Bank (IsDB) is one of them. “IsDB, along with ICD is supporting women entrepreneurs in fragile countries. In Yemen, they have a very interesting ongoing program named BRAVE Women. They target to train up to 500 women to learn to develop business plans in fragile and high-risk contexts and up to 400 of them will get access to funding on a matching grant basis. This program aims also to develop the relationship between those women entrepreneurs with the local banks and also lead companies to make sure those women have access to finance and markets to grow their businesses. Moreover, the IsDB and ICD will be implementing soon this BRAVE Women program in two other countries to improve the women’s entrepreneurship potential in key economic sectors and we look forward to seeing those programs happening in future,” she said.

We-Fi is a global platform that seeks to support over a 100,000 women around the world in the next five years and mobilize at least $2 billion from the public and private sector for further activities.