Hyundai Heavy Industries inks Saudi MoU

Saudi Arabia

RIYADH, November 12, 2015 – South Korean shipbuilding giant Hyundai Heavy Industries has signed a memorandum of understanding with Saudi Aramco, establishing a framework for further collaboration in Saudi Arabia.

The agreement spans areas including the development of a casting and forging facility and a maritime yard, as well as engineering, procurement and construction, maritime diesel engine manufacturing and downstream activities in the country.

“The partnership will add greater value to the Kingdom’s economy, boost our localisation efforts and help create jobs for Saudi nationals,” Saudi Aramco CEO Amin H Nasser has said.

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