https://arab.news/9p56q
RIYADH: The Saudi Arabian Industrial Investment Co., has divested its 55 percent ownership stake in General Electric Saudi Advanced Turbines to US-based GE Vernova.
GESAT was established in 2017 as a joint venture between the investment company - also known as Dussur – and GE Vernova.
With the latest share divest, the US firm has become the sole owner of the turbine producer.
According to a statement, the JV has manufactured over 200 gas turbine modules for power generation plants across 10 countries, including the Kingdom.
The press release added that GESAT has also played a crucial role in meeting Saudi Arabia’s demand for gas turbines.
“Dussur’s decision to sell its shares to GE Vernova follows achieving the investment and development objectives of this investment in GESAT, the company has been able to employ and train a number of young national talents; and transfer knowledge in the field of gas turbine technology,” said Raed Alrayes, CEO of Dussur.
He added that the firm’s investment policy is to enter partnerships with companies and work with them until they achieve the required industrial capabilities.
Established in 2016 by Saudi Aramco, the Kingdom’s Public Investment Fund, and Saudi Basic Industries Corp., Dussur works to develop the nation’s industrial sector as part of the government’s plan to create jobs and diversify the oil-dependent economy.
Joseph Anis, president and CEO of GE Vernova’s Gas Power business in Europe, the Middle East, and Africa said that the company will work with Saudi Arabia to achieve the Kingdom’s economic diversification goals.
“We intend to continue supporting economic diversification, localization, high-value exports, and talent development efforts in the country to further the Kingdom’s goals under Saudi Vision 2030,” said Anis.
He added: “We also remain committed to collaborating with various stakeholders to help accelerate Saudi Arabia’s transition to net zero greenhouse gas emissions by 2060.”
The value of the deal was not disclosed by either company.