[Special Stock] Daehan Cable to Build Ultra-High Voltage Cable Factory with Aramco in NEOM City, 44 Times the Area of Seoul...

[Asia Economy Reporter Hyungsoo Park] Daehan Electric Wire & Cable is showing strength. The news that Won Hee-ryong, Minister of Land, Infrastructure and Transport, will be on a business trip to Saudi Arabia from the 4th to the 9th appears to be influencing the stock price. About 50 personnel including the Minister of Land, Infrastructure and Transport, officials from the Ministry, public institutions, and companies will attend local business meetings, the Korea-Saudi Innovation Roadshow, meetings with major clients and government officials such as the NEOM CEO, and site visits to major projects including NEOM City.

At 10:38 a.m. on the 1st, Daehan Electric Wire & Cable was trading at 1,675 KRW, up 11.67% from the previous day.

Last month, Daehan Electric Wire & Cable discussed business cooperation plans with Saudi Aramco, the world's largest oil company. The meeting was attended by more than 20 key figures including Ahmad Al-Saadi, Senior Vice President of Aramco; Mutib Al-Habi, CEO of Aramco Korea; Bandar Al-Otaibi, Head of Procurement; Kim Seon-gyu, Chairman of Hoban Group; Song Jong-min, Vice Chairman of Hoban Industry; and Na Hyung-gyun, President of Daehan Electric Wire & Cable.

Daehan Electric Wire & Cable requested extensive support for the ongoing construction of a Saudi ultra-high voltage cable manufacturing plant and proposed creating business opportunities together in various fields such as power and infrastructure.

Saudi Arabia is considered a key country in the so-called 'Second Middle East Boom.' The new city 'NEOM City,' planned by the Saudi government, is a futuristic city with an area 44 times that of Seoul and a total project cost of a staggering 500 billion USD (approximately 640 trillion KRW).

Demand for NEOM City is expected to be significant. Daehan Electric Wire & Cable’s efforts to establish a local production base and strengthen relations with Aramco are known to be part of securing future business opportunities.