HD Hyundai announced that Chung Ki-sun, executive vice chairman of HD Hyundai, held talks with Khalid Al-Falih, minister of investment of Saudi Arabia, at the Banyan Tree Hotel in Jung-gu, Seoul, on Sept. 25. The two sides discussed practical cooperation measures to ensure the successful operation of the joint shipyard and engine plant under construction in Saudi Arabia, as well as the establishment of a shipbuilding equipment supply chain.

HD Hyundai is currently building the IMI shipyard and Makeen engine plant within the King Salman Shipbuilding Complex at Jubail Port in eastern Saudi Arabia. The IMI shipyard, jointly established by HD Hyundai, Saudi energy company Aramco, shipping company Bahri, and UAE-based energy firm Lamprell, is the largest maritime industrial complex in the Middle East. Construction began in 2018, with full operations scheduled for 2026 and 2027, respectively. Upon completion, the shipyard and engine plant will feature three large dry docks, four Goliath cranes, and seven berths, enabling the construction of up to 40 vessels annually. Chung emphasized, “The IMI shipyard is a symbolic project that demonstrates HD Hyundai’s growth into a company capable of exporting design expertise for the first time in half a century. We will devote our full efforts to operations and make it the world’s leading shipyard.”

Following the talks, a shipbuilding equipment roundtable was also held to explore ways to expand shipbuilding and build supply chains in Saudi Arabia. As part of its Vision 2030 initiative, Saudi Arabia is actively fostering its shipbuilding industry now and seeking investment and participation from technologically advanced South Korean companies.

Separately, Saudi Arabia is pursuing its largest naval defense project to date, the acquisition of five frigates as part of its naval modernization program. A preferred bidder is expected to be selected as early as next year. HD Hyundai is reported to have proposed its 6,500-ton HDF-6000 frigate, designed for blue-water operations, to Saudi Arabia in a bid to secure the project.

Source: BusinessKorea