HD Hyundai Strengthens Shipbuilding Ties With Saudi Arabia Under Vision 2030

South Korea’s HD Hyundai is advancing a strategic shipbuilding partnership with Saudi Arabia as both sides prepare for the operation of a large-scale shipyard and engine manufacturing plant under the kingdom’s Vision 2030 program.

Executive Vice Chairman Chung Ki-sun of HD Hyundai met with H.E. Khalid Al-Falih, Saudi Arabia’s Minister of Investment, at the Banyan Tree Hotel in Jung-gu, Seoul, to discuss the progress and future plans of the IMI Shipyard and Makeen engine manufacturing plant under construction in Al Jubail, eastern Saudi Arabia.

They also discussed about developing a local supply chain for shipbuilding parts and cooperating on Saudi Arabia’s naval modernisation program, which includes five frigates.

The IMI Shipyard and Makeen plant are part of the King Salman International Complex for Maritime Industries near Jubail Port. The project, a joint venture between HD Hyundai, Saudi Arabia, Saudi Aramco, Bahri, and UAE-based Lamfal, began in 2017. The shipyard is expected to be fully operational in 2026 and the engine plant in 2027.

Once completed, the shipyard will be one of the largest in the region, featuring three large docks, four Goliath cranes, and seven berths, and will have an annual capacity to build up to 40 vessels. This will make it capable of constructing a wide range of commercial vessels and offshore platforms.

Chung Ki-sun described Saudi Arabia as a trusted partner and called the shipyard a “symbolic project” showing HD Hyundai’s evolution into a global exporter of design expertise. Chung affirmed that the company will dedicate its “utmost efforts” to making the shipyard one of the best in the world.

The shipyard project is part of Saudi Arabia’s broader Vision 2030 initiative, which aims to diversify the kingdom’s economy away from oil dependency and build strategic industries such as shipbuilding. Saudi Arabia is focusing on strengthening its maritime industry, establishing a local supply chain, and developing naval capabilities.

The project supports Saudi Arabia’s Vision 2030, which aims to diversify the economy, build strategic industries, and strengthen the maritime sector. For Saudi Arabia, the shipyard will boost domestic shipbuilding capacity, support naval capability, and create jobs, while giving HD Hyundai a strong presence in the Middle East.

Once operational, the IMI Shipyard and Makeen engine plant will not only strengthen Saudi Arabia’s industrial capabilities but also create significant employment opportunities and strengthen the kingdom’s local supply chain for shipbuilding.

References: The Chosun, koreajoongangdaily

Source: Maritime Shipping News