Arab News, Tuesday, May 23, 2023 | Thul-Qidah 3, 1444
Saudi Arabian Industrial Investments Co. acquires a stake in Italian chemical manufacturer
Saudi Arabia:
Saudi Arabian Industrial Investments Co., also known as Dussur, has announced
the acquisition of a stake in Italmatch Chemical, a global specialty chemical
additive manufacturer based in Italy, the Saudi Press Agency reported.
The announcement was made at a ceremony held in
Riyadh on Monday. It was attended by Saudi Energy Minister Prince Abdulaziz bin
Salman, Investment Minister Khalid Al-Falih, and Minister of Industry and
Mineral Resources Bandar Alkhorayef.
According to the report, the Saudi company will
also invest SR405 million ($108 million) into Italmatch as a capital increase to
set up specialized factories in the Kingdom.
Through this transaction with the Saudi company,
Italmatch seeks to re-enforce its presence and existing partnership in the
Middle East and Saudi Arabia, contributing to regional economic diversification,
growth, and localization of industrial value chains and capabilities to meet
regional and global demand.
JV launched
Dussur also launched a joint venture with 3D
Systems, an American company. The partnership resulted in the creation of the
National Additive Manufacturing and Innovation Co. or NAMI.
The joint venture will provide solutions for 3D
printing, engineering consultancy, and reverse engineering services to help
boost the industrialization process currently underway in the Kingdom.