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전체검색영역
Hyundai Heavy-Aramco shipyard project in Saudi gains royal momentum
Collected
2016.12.02
Distributed
2016.12.05
Source
Go Direct
[Hyundai Heavy Industries senior executive director Chung Ki-sun receiving Arabian coffee and tea set from Saudi Aramco president Amin al-Nasser]

[Hyundai Heavy Industries senior executive director Chung Ki-sun receiving Arabian coffee and tea set from Saudi Aramco president Amin al-Nasser]

The joint-venture shipyard construction project under way in Saudi Arabia by South Korea’s Hyundai Heavy Industries Co. and Saudi Arabia`s state-run oil firm Aramco received impetus with keen interest from the royal family.

Saudi King Salman bin Abdulaziz Al Saud visited on Tuesday the shipyard site in Ras al-Khair on the kingdom`s eastern coast to attend the royal inauguration ceremony of King Salman global maritime industries complex, South Korea’s largest shipbuilder said Thursday. At the day`s event, over 600 dignitaries and royal families were in attendance including Muhammad bin Salman Al Saud, Saudi Arabia`s deputy crown prince and energy minister Khalid al-Falih. Hyundai Heavy Industries chairman Choi Gil-sun and senior executive director Chung Ki-sun also attended the event.

The project is part of Saudi Arabia`s Vision 2030, an economic reform program the government announced this year and a top priority of King Salman. This is all the more meaningful as it is the first project to be named after his honor, according to Hyundai Heavy Industries.

“We will follow the successful example of the King Fahd industrial seaport in Jubail that Hyundai Heavy Industries built about 40 years ago and has been playing a leading role for the development of Saudi Arabia as well as the company,” senior executive director Chung in charge of the project said.

The first large-scale yard in Saudi Arabia encompassing 5 million square meters will be finished by 2021 at a cost of 5 trillion won ($4.3 billion) with capacity build ships and offshore plants as well as ship repairs at Ras al-Khair on the kingdom`s east coast.

At 1:25 p.m. shares of Hyundai Heavy Industries rose 0.67 percent or 1,000 won to 151,000 won in Seoul trading Friday.

By Moon Ji-woong

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]