Saudi wealth fund governor visits Korea

Industry

Published: 07 Sep. 2023, 16:49 Updated: 07 Sep. 2023, 17:48

Saudi wealth fund governor visits Korea

Yasir O. Al-Rumayyan, the governor of Saudi Arabia's sovereign wealth fund and the board chairman of state-run Aramco [ARAMCO]

Yasir O. Al-Rumayyan, the governor of Saudi Arabia's sovereign wealth fund and the board chairman of state-run Aramco, one of the world’s largest companies by market cap, is meeting with local business executives including HD Hyundai chief Chung Ki-sun in Korea.

The Aramco chairman’s three-day visit to Korea, which began on Wednesday, comes after Saudi Crown Prince and Prime Minister Mohammad bin Salman Al Saud’s state visit in November last year, further fueling expectations for strengthening economic ties between the countries.

Al-Rumayyan has previously visited Korea in May last year for President Yoon Suk Yeol’s inauguration ceremony.

The meeting between Al-Rumayyan and HD Hyundai CEO Chung on Thursday is reportedly to discuss possible cooperation, according to local media outlets.

HD Hyundai, which owns 74 percent of HD Hyundai Oilbank, has been working closely with Aramco for energy, construction and shipbuilding projects. Aramco is Hyundai Oilbank’s second largest shareholder with a 17 percent stake.

HD Hyundai’s HD Korea Shipbuilding & Offshore Engineering is also building a 150,000-square-meter (37-acre) ship engine production facility in Saudi Arabia with Saudi Aramco Development Company and Dussur, the country’s state-owned industrial investments company.

HD Hyundai is also building a shipyard named the International Maritime Industries, or IMI, with Saudi Aramco Development Company in the country too, which is set to be the largest shipyard in the region when completed.

Yasir O. Al-Rumayyan, left, the governor of Saudi Arabia's sovereign wealth fund and the board chairman of state-run Aramco, shakes hand with President Yoon Suk Yeol at the presidential office on May 11, 2022, during Al-Rumayyan's previous visit to Korea to celebrate the president's inauguration. [JOINT PRESS CORP]

Moreover, HD Hyundai Construction Equipment is supplying 73 units of construction equipment for Saudi’s NEOM city project, the company said Sunday.

The HD Hyundai share price soared 5.46 percent to close at 63,700 won on Kospi, driven by the investors’ expectation of further cooperation with the Middle Eastern country. HD Hyundai Construction Equipment also rose 3.72 percent to 72,500 won.

Al-Rumayyan is also meeting with S-Oil CEO Anwar A. Al-Hejazi during his visit to Korea. Aramco owns 63.4 percent of S-Oil.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]