Dussur, a strategic joint venture of the Public Investment Fund (PIF), Saudi Aramco and Sabic, has announced the appointment of Dr Raed AlRayes as its new chief executive officer with effect from April 1.
Dussur has the mandate is to diversify and accelerate manufacturing in Saudi Arabia. The company’s mission is to develop sustainable scalable companies that directly contribute to the development and growth of strategic industrial sectors along with their supply chains within the kingdom.
The company will promote economic diversification and localisation of industry supply chains and manufacturing capabilities in the Kingdom through its investments, thereby simulating the private sector and the industries investment activities for local SMEs. The company also aims to provide the largest possible number of job opportunities for Saudi national through its various investments in targeted industrial sectors.
Dr AlRayes has a proven track record of accomplishments in different professional capacities spanning nearly 20 years - with successful contributions across several fields including investment banking and direct investment.
He has played a key role in many financial institutions where he held leadership positions, and he has made significant contributions through board positions in numerous companies. Additionally, he has served as a member in several executive and advisory committees for leading public and private institutions that operates in several sectors, including energy, industry and services sector.
“We are confident of the ability of Dr Raed to be instrumental in implementing the company’s strategy to open up new industrial sectors that will be of great importance to realising the goals of Vision 2030, most notably those of job creation and economic diversification,” said Mohammed Abunayyan, chairman of the board of directors of Dussur. “This appointment comes after the successful completion of the company establishment phase led by Engineer Rasheed Al-Shubaili,” continued Abunayyan.
Dr AlRayes has held several leading positions in major companies in Saudi Arabia, including as the deputy chief executive officer and head of investment banking at Al Rajhi Capital. He then served as the CEO and general manager of Arab Petroleum Investments Company (Apicorp) in early 2014. Following that, he was appointed as an advisor to the Minister of Energy, Industry and Mineral Resources from May 2017, until he joined Dussur.