Backing Saudi Arabia’s shipbuilding industry

In a significant move to bolster Saudi Arabia’s shipbuilding capabilities, HD Hyundai’s Executive Vice Chairman, Chung Ki-sun, met with Saudi Arabia’s Investment Minister, Khalid Al-Falih, in Seoul. The two leaders discussed the ongoing construction of a shipyard in Saudi Arabia, which is being developed through joint investments from both parties. Additionally, they explored collaborative efforts on an engine plant and the enhancement of the local shipbuilding supply chain.

Strengthening Bilateral Ties in Shipbuilding

The meeting between Chung and Al-Falih marks a pivotal step in strengthening economic ties between South Korea and Saudi Arabia. The shipyard project is part of Saudi Arabia’s broader initiative to diversify its economy and reduce reliance on oil. By investing in shipbuilding, the kingdom aims to create jobs and develop a sustainable industrial base.

Saudi Arabia ports and LR collaborate on port management processes and certification

During their discussions, Chung emphasized the importance of the shipyard in facilitating advanced maritime technology and production capabilities. The facility is expected to play a crucial role in meeting both domestic and international demands for shipbuilding. The collaboration also includes plans for an engine manufacturing plant, which will further enhance the local supply chain and create additional employment opportunities.

Both leaders expressed optimism about the future of their partnership, highlighting the potential for further investments and technological exchanges. This collaboration not only signifies a commitment to economic development but also reflects a shared vision for innovation in the maritime sector. As the shipyard progresses, it is anticipated to become a cornerstone of Saudi Arabia’s industrial landscape, showcasing the benefits of international cooperation in advancing technological capabilities.