GE Vernova acquires Dussur’s shares in GESAT

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The Saudi Arabian Industrial Investments Company (Dussur) has divested its 55 per cent ownership stake in General Electric Saudi Advanced Turbines (GESAT) to GE Vernova, bringing GE Vernova’s ownership to 100 per cent in GESAT.

Since its establishment in 2017, GESAT has played an important role in meeting the kingdom's demand for gas turbines, specifically through the localized completion of high-performance F-class and H-class gas turbines, and the manufacturing of post cast components and accessory modules, said a statement.

GESAT is a successful joint venture that is supplying gas turbines and has manufactured more than 200 gas turbine modules to support power generation plants in up to 10 countries around the world, including Saudi Arabia.

In addition to GESAT’s above accomplishments, the company placed a great focus on transferring technological and industrial knowledge through trainings of Saudi cadres on gas turbine assembly and manufacturing processes. The trainings were completed at both GE Vernova’s Greenville site in the US and the Belfort site in France.

“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 Dr Raed Alrayes, Chief Executive Officer at Dussur.

He also noted: “Dussur’s investment policy is to enter partnerships that establish transformational industries that the kingdom needs or support its supply chains. After ensuring the stability and maturity of these industrial capabilities, Dussur exits with the aim of renewing its investments into new industrial opportunities of greater value to the local economy. Today, we are proud of the industrial capabilities that distinguish GESAT and can further grow under the sole ownership of GE Vernova.”

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa, said: “GE Vernova has been honoured to partner with Dussur on GESAT since 2017. We have a strong legacy of almost 90 years of contributions to the development of Saudi Arabia’s energy infrastructure, with up to 580 employees in the Kingdom today. We intend to continue supporting economic diversification, localisation, high value exports, and talent development efforts in the country to further the Kingdom’s goals under Saudi Vision 2030. We also remain committed to collaborating with various stakeholders to help accelerate Saudi Arabia’s transition to net zero greenhouse gas emissions by 2060.”

GE Vernova spun-off from GE and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology base helps generate approximately 25 per cent of the world's electricity and has a meaningful role to play in the energy transition in Saudi Arabia and around the globe, it added. -TradeArabia News Service