Jung Ki-sun and Khalid AlFalih Hold Talks
Discussing Engine Plant and Supply Chain Establishment
HD Hyundai has begun expanding its cooperation with Saudi Arabia in the shipbuilding sector.
On September 25, at Banyan Tree Hotel in Jung-gu, Seoul, HD Hyundai announced that Senior Vice Chairman Jung Ki-sun and Saudi Minister of Investment Khalid AlFalih held talks to discuss the successful operation of the joint shipyard and engine plant currently under construction in Saudi Arabia, as well as ways to establish a supply chain for shipbuilding equipment.
Jung Ki-sun, Senior Vice Chairman of HD Hyundai (right in the photo), met with Saudi Minister of Investment H.E. Khalid AlFalih on Thursday, the 25th, to discuss business cooperation. Provided by HD Hyundai
The meeting was also attended by Sulayman AlBawardi, CEO of Saudi state-owned shipbuilding holding company and the general shipbuilding and maritime authority, Saudi Arabian Shipbuilding Company (Sofon), as well as Joo Wonho, Head of Special Ship Business at HD Hyundai Heavy Industries, who discussed cooperation in naval vessel projects.
Senior Vice Chairman Jung Ki-sun stated, "Saudi Arabia has long been a trusted business partner," adding, "The IMI Shipyard is a symbolic project in which HD Hyundai is exporting its design technology for the first time in half a century, and we will develop it into the best shipyard."
Immediately after the meeting, a roundtable was held to discuss expanding shipbuilding in Saudi Arabia and establishing a supply chain for shipbuilding equipment. Saudi Arabia is currently focusing on fostering its shipbuilding industry as part of its 'Vision 2030' strategy and is reportedly hoping for investment and participation from Korean companies.
HD Hyundai is constructing the IMI Shipyard and the MAKIN Engine Plant within the King Salman Shipbuilding Industrial Complex at Jubail Port in eastern Saudi Arabia. Both facilities are targeting full operation by next year and the following year, respectively. Upon completion, they will feature three large docks, four Goliath cranes, and seven berths, enabling the construction of up to 40 vessels annually.
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