Shipbuilder Hyundai Heavy Industries (HHI) has announced the inauguration of King Salman Global Maritime Industries Complex at Ras Al-Khair in Saudi Arabia.

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The inaugural ceremony was attended by Saudi King Salman bin Abdulaziz Al Saud, as well as Saudi Arabia Deputy Crown Prince Mohammad bin Salman Al Saud; Saudi Arabia Minister of Energy, Industry and Mineral Resources Khalid A Al-Falih; Saudi Aramco president and CEO Amin al-Nasser; HHI chairman Choi Kil-seon; and HHI executive vice-president of corporate planning office Chung Ki-sun.

King Salman Global Maritime Industries Complex is being built as part of the country’s growth and economic diversification strategy, called Vision 2030.

"We are pleased to be taking part in the first national industrial project of Saudi Arabia named after His Majesty King Salman ."

It is Saudi Arabia’s first national industrial project named after King Salman.

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The ceremony is a follow-up of the memorandum of understanding (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.

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As per the terms of the MOU, HHI intends to pursue the cooperation with the setting up of a joint venture with the parties.

Chung Ki-sun 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.”

The $4.3bn complex will be able to build commercial ships and offshore facilities, as well as offer ship repair service by 2021.

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.”

Image: (From right to left in the front row) Choi Kil-seon, Amin al-Nasser; Chung Ki-sun; and Saudi Aramco executive director of new business development Yasser Mufti. Photo: Hyundai Heavy Industries Co, Ltd.