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Saudi Arabian Industrial Investment Company (DASR), Saudi Aramco and Hyundai Heavy Industries (HHI) have signed an agreement to establish a joint venture for the manufacture of marine and electric power plants, four-stroke and marine pumps at an industrial facility based in Ras Al Khair Industrial City in the Eastern Province .
The joint venture, the first marine engine manufacturer in the Middle East and North Africa, will manufacture marine engines and pumps that operate ships, auxiliary marine equipment, generators and payment systems. Its engines will also be used to pay commercial vessels, power generation, pump oil pumps and marine drilling platforms.
The facility will take advantage of the Kingdoms strategic location at the crossroads of international trade between the three continents, further strengthening the Kingdoms position as a unique regional logistics center for global maritime trade.
The signing ceremony was attended by Dr. Raed Al Rayes, CEO of DASER, Eng. Amin Al Nasser, President and Chief Executive Officer of Saudi Aramco, Mr. Mohammed Al Assaf, Vice President for Business Development and Mr. Ke Dong Li, Senior Vice President of Hyundai Heavy Industries.
"This partnership is a commitment to empower and support the growth of the local private sector by launching investment opportunities and attracting foreign direct investment," commented Dr. Al Rayes. "This alliance is our first joint venture with two organizations with global weight, and we look forward to further cooperation with our partners and shareholders to ensure that we continue to support national industries in line with the vision of the Kingdom 2030."
"The project is expected to create more than 720 jobs and will encourage the transfer of knowledge and know-how to Saudi Arabia." Our investment in these projects reflects our strong drive to support initiatives to diversify the local economy by establishing and supporting sustainable industrial supply chains that meet local and regional demand for years. Future. "
The project is the first of its kind in the region. Saudi Aramco owns 55% of the project, while DSER owns 15% and Hyundai Heavy Industries holds the remaining 30%. The project will be the main supplier to many local and international marine industries. |
