Meeting in Seoul with the Investment Minister paves the way for a local supply chain for shipyards and marine engines
Seoul – The South Korean giant Hd Hyundai aims to strengthen its presence in Saudi Arabia in the shipbuilding sector. Executive vice chairman Chung Kisun met in Seoul with the Saudi Investment Minister Khalid AlFalih, with whom he discussed the development prospects of projects already underway and the creation of a local supply chain to support shipbuilding and engine production.
At the center of the discussion were two strategic projects: the large Imi Shipyard, established on the Saudi east coast with the partnership of Saudi Aramco, Bahri and Lamprell, and the Makeen Engine Manufacturing Company, a company dedicated to the production of Hyundai’s HiMSEN engines and other brands like MTU and Everllence.
The meeting was followed by a roundtable with players in the naval and maritime equipment sector, aimed at outlining plans for expanding shipbuilding capacity and involving Korean investors and suppliers.
«Saudi Arabia is a reliable partner with whom we have a long-standing cooperation. The IMI Shipyard represents a symbolic project, proof of how HD Hyundai over half a century has moved to exporting its ship design know-how. We will dedicate our efforts to make it one of the best shipyards in the world», stated Chung.
The schedule calls for Imi to be fully operational in 2026 and Makeen in 2027. Once operational, the facilities will have three large dry docks, four Goliath cranes, and seven berths, with an estimated capacity of 40 ships per year.
