HD Hyundai will expand its comprehensive shipbuilding cooperation with Saudi Arabia.
HD Hyundai announced on Sep. 25th, that Chung Kisun, Executive Vice Chairman of HD Hyundai, held a meeting with H.E. Khalid AlFalih, the Minister of Investment of Saudi Arabia, at the Banyan Tree Hotel in Seoul. The meeting was held to discuss practical collaboration measures to ensure the successful operation of the joint shipyard and engine plant being established in Saudi Arabia, as well as the development of a local shipbuilding supply chain.
The meeting was also attended by Sulaiman M Albabtain, CEO of Sofon, the state-owned shipbuilding holding company responsible for Saudi Arabia’s shipbuilding and offshore businesses, and Joo Won-ho, Head of the Naval & Special Ship Business at HD Hyundai Heavy Industries. They also covered ways to enhance mutual cooperation for future naval ship projects.
Executive Vice Chairman Chung stated, “Saudi Arabia is a trusted business partner with whom we have had long-standing cooperation. The IMI Shipyard is a symbolic project that demonstrates how HD Hyundai has grown into a company exporting its design expertise in half a century. We will thus devote our utmost efforts to its operation to make it one of the best shipyards.”
Following the meeting, a shipbuilding and marine equipment roundtable was held to discuss plans for expanding shipbuilding and establishing a local supply chain within Saudi Arabia. As part of its Vision 2030 project, Saudi Arabia is focusing on strengthening its shipbuilding industry and is seeking investment and participation from Korean companies.
In this regard, HD Hyundai is currently constructing the IMI Shipyard and Makeen engine manufacturing company within the King Salman International Complex for Maritime Industries in Al Jubail, eastern Saudi Arabia, with full operations scheduled for 2026 and 2027, respectively.
Once completed, the shipyard and engine plant are expected to have three large docks, four Goliath cranes, and seven berths, enabling it to construct up to 40 vessels annually.