Saudi Arabian Industrial Investments Co. acquires a stake in Italian chemical manufacturer
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.
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.