Hyundai to begin construction on Saudi shipyard
Construction work on the $4.3bn King Salman Global Maritime Industries Complex is said to begin soon
South Korean shipbuilder, Hyundai Heavy Industries (HHI), held the inauguration ceremony of King Salman Global Maritime Industries Complex at Ras Al-Khair, Saudi Arabia.
Upon completion, the $4.3bn (SAR16.1bn) project aiming to build a 496ha maritime complex at the site will not just be able to build commercial ships and offshore facilities, but also to provide ship repair service by 2021.
An HHI official said: “Once completed, we see the development of the complex will be accelerated through the transfer of HHI’s shipbuilding expertise and shipyard operating know-how.”
King Salman Global Maritime Industries Complex, being executed as part of the country’s growth and economic diversification strategy ‘Vision 2030’, is Saudi Arabia’s first national industrial project that is named after King Salman bin Abdulaziz Al Saud.
The ceremony is a follow-up of the MoU for new business opportunities collaboration signed in November 2015 between HHI, Saudi Aramco, Lamprell and Bahri for businesses including the maritime yard, marine engine and industrial plant.
Under the MoU, HHI plans to pursue the cooperation with the establishment of a joint venture with the parties.
Chung Ki-sun, executive vice president of corporate planning office of HHI, who is leading the project said: “We are pleased to be taking part in the first national industrial project of Saudi Arabia named after His Majesty King Salman bin Abdulaziz Al Saud.
“We will make our utmost efforts not just to make this occasion an opportunity to serve as a stepping stone for the take-off of our business, but also to make contributions to the economic development of Saudi Arabia.
“We will follow the successful example of the King Fahd Industrial Seaport in Jubail that HHI built about 40 years ago and has been playing a leading role for the development of Saudi Arabia.”