DAMMAM, Saudi Arabia (September 02, 2024) – GE Vernova Inc. (NYSE: GEV) has successfully acquired Dussur’s 55% share in General Electric Saudi Advanced Turbines (GESAT), thereby becoming the sole owner of the company.

Established in 2017, GESAT has significantly contributed to Saudi Arabia’s gas turbine industry, specializing in the local production of high-performance F-class and H-class turbines. Additionally, the company manufactures key components and accessory modules.

GESAT, a successful joint venture, has delivered over 200 gas turbine modules to support power generation facilities in 10 different countries, including Saudi Arabia.

Aside from production milestones, GESAT has prioritized the transfer of technical knowledge by providing training programs for Saudi professionals in gas turbine assembly and manufacturing. These programs have been conducted at GE Vernova’s Greenville, U.S. facility, as well as the Belfort site in France.

Commenting on the divestment, Dr. Raed Alrayes, CEO of Dussur, stated, “Our decision to sell the shares to GE Vernova follows the successful achievement of our investment goals with GESAT. We have successfully trained and employed Saudi talent and transferred key technological expertise in gas turbine technology.”

He further explained, “Dussur’s investment approach focuses on fostering transformational industries that support the Kingdom’s supply chain. Once these sectors are stable and mature, we exit to pursue fresh opportunities that offer greater value to the local economy. We are proud of what GESAT has accomplished and confident it will continue to thrive under GE Vernova’s full ownership.”

Joseph Anis, President and CEO of GE Vernova’s Gas Power division for Europe, the Middle East, and Africa, expressed his gratitude for the partnership with Dussur, saying, “Since 2017, GE Vernova has been honored to collaborate with Dussur on GESAT. With nearly 90 years of experience in Saudi Arabia’s energy development, and 580 employees in the country, we are committed to supporting Saudi Vision 2030 by enhancing localization, economic diversification, and talent development. Moreover, we remain dedicated to accelerating the Kingdom’s transition to net-zero emissions by 2060.”

In April 2024, GE Vernova officially separated from GE (NYSE: GE) and began trading as an independent entity on the New York Stock Exchange. The company’s extensive technological portfolio, including 55,000 wind turbines and 7,000 gas turbines, helps generate approximately 25% of the world’s electricity, playing a crucial role in global and local energy transitions.

About the Saudi Arabian Industrial Investments Company (Dussur)

Dussur, a joint venture between the Saudi Public Investment Fund (PIF), Aramco, and Sabic, focuses on maximizing industrial development in Saudi Arabia by investing strategically with world-class partners. Their goal is to build modern industrial value chains that leverage the Kingdom’s resources.

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a global energy company that encompasses Power, Wind, and Electrification segments, supported by its accelerator businesses. With over 130 years of innovation, GE Vernova is positioned to lead the energy transition by electrifying the world while working to decarbonize it. Headquartered in Cambridge, Massachusetts, GE Vernova employs approximately 75,000 people in more than 100 countries. Its mission, “The Energy to Change the World,” reflects its commitment to creating a sustainable, reliable, and secure energy future.

The company’s name reflects its legacy and mission. “GE” stands for its longstanding reputation for quality and innovation, while “Ver” and “Nova” symbolize a new era of environmentally conscious, sustainable energy solutions.

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