Daehan Electric Wire & Cable Discusses Local Business with Saudi Minister of Investment

Discussion on Future Business Plans Including Establishment of Saudi Ultra-High Voltage Cable Production Corporation

A representative of Hoban Group and the Saudi Minister of Investment are having a meeting. / Provided by Daehan Electric Wire Co.

[Asia Economy Reporter Kim Pyeonghwa] On the 13th, Korea Electric Wire announced that it met with Khalid Al-Faleh, Saudi Arabia's Minister of Investment, who visited Korea to commemorate the 60th anniversary of diplomatic relations between Korea and Saudi Arabia, to discuss plans for expanding investment and business in Saudi Arabia.

The meeting was attended by Saudi Power Company PDC CEO Madi Al-Dosari, Hisham Al-Masaud, head of the Saudi Investment Ministry's Korea office, Hoban Group Chairman Kim Seon-gyu, Korea Electric Wire President Na Hyung-gyun, Korea Electric Wire Vice President Kim Yoon-soo, and Hoban Industry Executive Director Kim Min-sung, along with Minister Al-Faleh.

Both sides exchanged views on mid- to long-term business expansion plans in Saudi Arabia, including the Saudi ultra-high voltage cable manufacturing corporation promoted by Korea Electric Wire. This meeting was held to discuss concrete business matters following the investment agreement signed between the two parties for the Saudi ultra-high voltage cable manufacturing corporation at the 'Future Investment Initiative (FII) Forum' hosted by the Saudi Ministry of Investment in Riyadh on the 26th of last month.

Minister Al-Faleh explained the ongoing global supply chain recovery initiative, stating, "Korea Electric Wire, which has built a significant portion of Saudi Arabia's power grid infrastructure, is expected to play an important role in becoming a supply chain hub through this cable factory investment." He added, "We request Hoban Group and Korea Electric Wire to actively participate in large-scale infrastructure projects underway in Saudi Arabia."

Chairman Kim responded, "We plan to review investment and cooperation not only in Korea Electric Wire's power grid infrastructure business but also in the construction and civil engineering fields, which are Hoban Group's areas of expertise."

President Na said, "Saudi Arabia has been an important export country for over 50 years since Korea Electric Wire first opened the door to cable trade by exporting communication cables in the 1970s. This local factory, being Korea Electric Wire's first ultra-high voltage cable factory overseas, will be significant for accumulating Korea Electric Wire's competitiveness and expanding business in Saudi Arabia."

Korea Electric Wire signed a joint venture agreement with Saudi EPC company Al Ojaimi Group in June to establish an ultra-high voltage cable manufacturing corporation and is promoting the establishment of a local factory. This is a large-scale investment in Saudi Arabia about five years after establishing the country's first high-voltage power equipment manufacturing corporation in 2017.

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