HD Hyundai Strengthens Cooperation with Saudi Arabia... Jung Ki-sun Meets Saudi Minister of Industry and Minerals

Visit to HD Hyundai Ulsan Plant by HD Hyundai Heavy Industries and HD Hyundai Electric

Jung Ki-sun, Vice Chairman of HD Hyundai

Jung Ki-sun, Vice Chairman of HD Hyundai, met with the Minister of Industry and Mineral Resources of Saudi Arabia to discuss strengthening business cooperation with Saudi Arabia.

On the 13th, Vice Chairman Jung Ki-sun met with H.E. Bandar Ibrahim Alkhorayef, Minister of Industry and Mineral Resources of Saudi Arabia, and H.H. Sultan Bin Khalid Al Saud, CEO of the Saudi Industrial Development Fund (SIDF), at HD Hyundai Heavy Industries' headquarters in Ulsan. Jo Young-min, President of HD Hyundai Oilbank, also attended the meeting.

This visit was arranged after Vice Chairman Jung Ki-sun, who visited Saudi Arabia as part of an economic delegation last October, requested a visit during his meeting with Minister Alkhorayef, who accepted the request.

At the meeting, Vice Chairman Jung and Minister Alkhorayef’s delegation reviewed the progress of HD Hyundai’s projects in Saudi Arabia, including the joint shipyard, engine joint venture, and hydrogen and ammonia projects. They also exchanged views on expanding cooperation related to the ‘Saudi Vision 2030,’ including the NEOM City project.

After the discussions, Vice Chairman Jung personally guided the delegation through HD Hyundai Heavy Industries’ shipbuilding site and HD Hyundai Electric’s transformer smart factory, introducing HD Hyundai’s business competitiveness.

HD Hyundai Electric recently secured consecutive orders from Saudi Arabia for various power equipment needed at substations within the NEOM City project, including ultra-high voltage transformers and high-voltage circuit breakers.

Vice Chairman Jung said, "Based on the long-standing cooperative relationship between HD Hyundai and Saudi Arabia, we have expanded the scope of cooperation beyond shipbuilding to include eco-friendly energy businesses. We will successfully carry out ongoing collaborative projects while continuously seeking opportunities for mutual growth in the future."

Meanwhile, HD Hyundai is recognized as the domestic company with the broadest cooperative relationship with Saudi Arabia and is participating in the construction of the Middle East’s largest joint shipyard, approximately 5 million square meters in size, at the King Salman Maritime Complex in the Ras Al Khair area.