Daehan Electric Wire & Cable, Signs Joint Venture Agreement with Saudi Al-Ojaimi Group

President Na Hyung-gyun of Korea Electric Wire and Mohammad Galeb, CEO of Al-Ojaimi Group, are taking a commemorative photo after signing the JV contract.

Daehan Electric Wire announced on the 16th that it has signed a contract to establish a JV (joint venture) for the construction of an ultra-high voltage cable production plant. The joint investor is the Saudi transmission and distribution EPC specialist, Mohamed Al-Ojaimi Group.

The event was attended by Kim Seon-gyu, Chairman of Hoban Group; Song Jong-min, Vice Chairman of Hoban Industry; Na Hyeong-gyun, CEO of Daehan Electric Wire; as well as Mohammad Galeb, CEO of Al-Ojaimi Group, the joint investor; Bandar Al-Otaibi, Executive Director of Aramco Asia Korea; Mansour Alhowaiti, Commercial Attach? of the Saudi General Authority for Foreign Trade (GAFT); and about 80 other officials.

The joint venture is named ‘Saudi Daehan Cable & Solution.’ It plans to undertake turnkey ultra-high voltage power grid projects in Saudi Arabia, the Middle East, and neighboring countries. The total investment scale is 80 million USD (approximately 100 billion KRW), with Daehan Electric Wire contributing 51% of the shares.

The plant will be constructed on a 70,000㎡ site within an advanced industrial complex located in Riyadh, the capital city. The establishment procedures for the corporation are expected to be completed in the third quarter, with construction starting within the year and aiming for completion in 2023. The site is adjacent to Daehan Electric Wire’s Saudi power equipment production corporation, ‘Saudi Daehan,’ making it highly advantageous in terms of infrastructure utilization and operation. Once the plant construction is completed, local production of ultra-high voltage cables and power equipment that constitute the ultra-high voltage power grid will be possible.

Na Hyeong-gyun, CEO of Daehan Electric Wire, stated, “Overseas production and supply of ultra-high voltage cables is an important opportunity to expand our position and influence as a major cable supplier in the global market.” He emphasized, “Especially, establishing a joint venture with a locally competitive company in the Middle East, where we have traditionally been strong, will serve as a strength to quickly and stably advance our business amid difficult international circumstances such as supply chain issues, the Ukraine crisis, and the spread of protectionism.”

This content was produced with the assistance of AI translation services.