HD Hyundai to bolster ties with Saudi Arabia

South Korean shipbuilding and heavy industries conglomerate HD Hyundai is looking to further strengthen its business ties with Saudi Arabia.

HD Hyundai Vice Chairman Chung Ki-sun on Wednesday met with two high-ranking officials from Saudi Arabia -- Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and Saudi Industrial Development Fund CEO Sultan Bin Khalid Al Saud -- at the headquarters of HD Hyundai Heavy Industries in Ulsan. Chung was accompanied by HD Hyundai Oilbank CEO Chu Young-min.

According to HD Hyundai, the two sides went over the businesses it is pushing for in Saudi Arabia, such as a joint shipyard, a joint venture for building engines and hydrogen and ammonia projects, during the meeting. The Korean company added that they also discussed ways to expand cooperation for Riyadh’s “Vision 2030” plan, including the city of Neom, a $500 billion project to build a new urban area in Saudi Arabia’s northwestern Tabuk province.

The delegates from Saudi Arabia toured HD Hyundai Heavy Industries’ shipyard and HD Hyundai Electric’s transformer smart factory as Chung sought to display the conglomerate’s business competitiveness. HD Hyundai Electric has recently scored a series of orders from the Middle Eastern country to supply power equipment. In late November, the company announced the single-largest $72.3 million deal to deliver transformers, high-voltage circuit breakers and reactors to Saudi Arabia's new city development project.

The visit by the high-ranking officials from Saudi Arabia commenced after Chung invited the Saudi Arabian minister during his trip to the Middle Eastern country when he went there as part of a Korean economic delegation in October.

“Based on our long-term partnership, HD Hyundai and Saudi Arabia have expanded the areas of cooperation in not only the shipbuilding business but also eco-friendly energy,” said Chung.

“We will successfully carry out the ongoing cooperative businesses and continue to explore opportunities to grow together in the future.”