GE Vernova acquires Saudi’s GESAT after Dussur share sale

Image: GE Vernova

GE Vernova has acquired full ownership of General Electric Saudi Advanced Turbines (GESAT) after purchasing a 55 per cent stake from the Saudi Arabian Industrial Investments Company (Dussur), a move that brings GE Vernova’s control of the company (formerly a JV) to 100 per cent.

GESAT, established in 2017, has been instrumental in addressing Saudi Arabia’s demand for gas turbines.

The company has produced over 200 gas turbine modules, supporting power generation in up to 10 countries, including Saudi Arabia.

Beyond production, GESAT has also focused on training Saudi nationals in gas turbine assembly and manufacturing, with training conducted at GE Vernova’s facilities in the US and France.

Dr Raed Alrayes, CEO of Dussur, stated that the decision to sell the stake was driven by the achievement of the company’s investment objectives, which included the development of local talent and the transfer of technology in the gas turbine sector.

“Dussur’s investment strategy is to foster transformative industries that meet the kingdom’s needs. With GESAT now mature, it’s time to reinvest in new industrial opportunities that will bring greater value to the local economy,” Alrayes said.

GE Vernova continues to support Saudi’s energy transition

Joseph Anis, president and CEO of GE Vernova’s Gas Power business in Europe, the Middle East, and Africa, emphasised the company’s commitment to Saudi Arabia’s economic diversification and localisation efforts under Vision 2030.

“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, localization, 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.”

Read: GE’s Roger Martella on paving the way to a sustainable future

GE Vernova, which became an independent entity after spinning off from GE in April 2024, plays a significant role in the global energy sector, with its technology contributing to approximately 25 per cent of the world’s electricity generation.

The acquisition of Dussur’s stake in GESAT is expected to further strengthen GE Vernova’s position in the energy transition within Saudi Arabia and globally.