American power equipment manufacturer GE Vernova has acquired the remaining stake in a joint venture for the production of gas turbines in Saudi Arabia from the state-owned company Dussur. This is reported in the Dussur press release.
The financial terms of the transaction were not disclosed.
After acquiring 55% owned by Dussur in the joint venture, GE Vernova will become the sole owner of General Electric Saudi Advanced Turbines (GESAT).
GE Vernova and Dussur signed an agreement to establish a joint venture GESAT in Al-Dammam (Saudi Arabia) in 2017. Since its inception, the joint venture has produced more than 200 gas turbine modules for power plants in 10 countries, including Saudi Arabia.
Dussur (Saudi Arabian Industrial Investments Company, SAIIC) was founded in 2016 by state-owned companies Saudi Aramco, Public Investment Fund and Saudi Basic Industries Corporation (SABIC) to develop industry in Saudi Arabia as part of a government strategy to create jobs and diversify the economy.
GE Vernova is an American manufacturer of equipment for the energy industry. Until April 2024, the company was part of the structure of General Electric. The headquarters is located in Cambridge, Massachusetts.
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