SEOUL, September 25 (AJP) - HD Hyundai is expanding its cooperation with Saudi Arabia in the shipbuilding sector, strengthening ties through joint ventures and technology partnerships tied to the kingdom’s Vision 2030 initiative.
The company said Thursday its vice chairman, Jeong Ki-seon, met with Saudi Investment Minister Khalid Al-Falih at the Banyan Tree Hotel in Seoul to discuss the progress of a joint shipyard and engine plant under construction in Saudi Arabia. The talks also covered plans to establish a supply chain for shipbuilding materials.
The meeting was attended by Sulaiman Al-Babtain, chief executive of Sofon, Saudi Arabia’s state-owned shipbuilding company, and Joo Won-ho, head of HD Hyundai Heavy Industries’ special ship division. Discussions included possible cooperation on naval projects.
A roundtable followed to explore broader investment and collaboration in shipbuilding, company officials said.
Saudi Arabia has made the development of a domestic shipbuilding industry a priority under Crown Prince Mohammed bin Salman’s Vision 2030 strategy, and it has actively sought investment and expertise from South Korean companies.
HD Hyundai is building the IMI Shipyard and Makin Engine Plant at the King Salman Shipyard Complex in Jubail, with full operations expected in 2026 and 2027. When completed, the facilities will include three large docks, four giant cranes and seven berths, with the capacity to build up to 40 ships a year.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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