The Construction of King Salman Global Maritime Industries Complex Gains Steam with Royal Inauguration Ceremony

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced today that Royal Inauguration Ceremony of King Salman Global Maritime Industries Complex was held at Ras Al-Khair, Saudi Arabia with the attendance of His Majesty King Salman bin Abdulaziz Al Saud on November 29.

The ceremony was also attended by Mohammad bin Salman Al Saud, Saudi Arabia Deputy Crown Prince; Khalid A. Al-Falih, Saudi Arabia Minister of Energy, Industry and Mineral Resources; Amin al-Nasser, president and CEO of Saudi Aramco; Choi Kil-seon, Chairman of HHI; Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI.

King Salman Global Maritime Industries Complex, being executed as part of the country’s growth and economic diversification strategy ‘Vision 2030’, is Saudi Arabia’s first national industrial project that is named after King Salman. The ceremony is a follow-up of the MOU for New Business Opportunities Collaboration signed in November 2015 between HHI, Saudi Aramco, Lamprell and Bahri for businesses including the maritime yard, marine engine and industrial plant. Under the MOU, HHI plans to pursue the cooperation with the establishment of a joint venture with the parties.

Chung Ki-sun who is leading the project on HHI side said, “We are pleased to be taking part in the first national industrial project of Saudi Arabia named after His Majesty King Salman bin Abdulaziz Al Saud. We will make our utmost efforts not just to make this occasion an opportunity to serve as a stepping stone for the take-off of our business, but also to make contributions to the economic development of Saudi Arabia. We will follow the successful example of the King Fahd Industrial Seaport in Jubail that HHI built about 40 years ago and has been playing a leading role for the development of Saudi Arabia.”

Upon completion, the USD 4.3 billion project aiming to build a 4.96 million square meter maritime complex at the site will not just be able to build commercial ships and offshore facilities, but also to provide ship repair service by 2021.

In a separate meeting on November 30, Amin al-Nasser, Choi Kil-seon and Chung Ki-sun discussed ways to solidify cooperation.

An HHI official said, “Once completed, we see the development of the complex will be accelerated through the transfer of HHI’s shipbuilding expertise and shipyard operating know-how.”