HD Hyundai CEO talks megacities with Saudi government

Industry

Published: 13 Dec. 2023, 16:31

HD Hyundai CEO talks megacities with Saudi government

HD Hyundai Vice Chairman and CEO Chung Ki-sun, second from right, poses for a photo with Saudi EXIM Bank CEO Saad Al-Khalb, far left, Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and Saudi Industrial Development Fund CEO Sultan Bin Khalid Al Saud at HD Hyundai Heavy Industries' headquarters in Ulsan on Wednesday. [HD HYUNDAI]

HD Hyundai's CEO met with Saudi Arabian leaders to discuss the NEOM megacity project and review the progress of other ongoing initiatives between the two countries, such as their joint shipyard.

The meeting, convened at HD Hyundai Heavy Industries' headquarters in Ulsan on Wednesday, included HD Hyundai Vice Chairman and CEO Chung Ki-sun, Saudi Arabian Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef, Saudi Industrial Development Fund (SIDF) CEO Sultan Bin Khalid Al Saud, and HD Hyundai Oilbank President Chu Young-min, according to the Korean conglomerate.

Discussions centered around the progress of HD Hyundai Heavy's ongoing projects in Saudi Arabia — notably the joint venture shipyard in the King Salman Global Maritime Industries Complex. Spanning approximately 5 million square meters (53.8 million square feet) in Saudi Arabia's Ras Al-Khair region, it stands as the largest joint shipyard in the Middle East. The talks also covered an engine joint venture, as well as advancements in hydrogen and ammonia projects.

Both parties also discussed avenues for cooperation in alignment with Saudi Arabia's “Vision 2030,” such as the NEOM project.

“The visit materialized following Chung's earlier meeting with Minister Alkhorayef in Saudi Arabia as part of a presidential economic delegation in October,” shared an HD Hyundai official.

Following the discussions, the Vice Chairman Chung led the Saudi officials on a tour of HD Hyundai Heavy Industries' shipbuilding site and HD Hyundai Electric's “smart” transformer factory. HD Hyundai Electric recently secured orders for power equipment for the NEOM city project, including ultrahigh voltage transformers and high-voltage circuit breakers.

"Drawing on a long-standing partnership, HD Hyundai and Saudi Arabia's partnership extends beyond shipbuilding to include environmentally-friendly energy projects,” Chung said. “Alongside the successful execution of existing collaborative projects, we are committed to seeking opportunities for mutual growth in the future.”

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]