HD Hyundai CEO Jeong Gi-seon Discusses Expansion of Cooperation with Saudi Minister of Investment
Saudi Joint Shipyard and Engine Joint Venture Review Progress of Collaborative Projects
HD Hyundai CEO Jung Ki-sun and Saudi Minister of Investment Khalid Al-Faleh having a conversation at the Four Seasons Hotel in Seoul. Photo by HD Hyundai
View original image[Asia Economy Reporter Donghoon Jeong] Hyundai Heavy Industries Group announced on the 13th that Jung Ki-sun, CEO of the holding company HD Hyundai, recently met with Khalid Al-Faleh, Minister of Investment of Saudi Arabia, to discuss ways to expand business cooperation.
At the meeting held at the Four Seasons Hotel in Seoul, CEO Jung Ki-sun and Minister Khalid Al-Faleh reviewed the progress and schedule of cooperative projects such as the joint shipyard and engine joint venture that Hyundai Heavy Industries Group is promoting with Saudi Aramco, and discussed future projects to be carried out.
Additionally, the two exchanged opinions on global economic issues such as next-generation energy and agreed to further expand cooperation opportunities related to 'Saudi Vision 2030.' At this meeting, CEO Jung Ki-sun stated, "The cooperative relationship with Saudi Arabia has long been sustained and developed together with Saudi industrial development and the growth of our group," and added, "We look forward to further strengthening cooperative projects with Saudi Arabia in various fields going forward."
Minister Khalid Al-Faleh said, "This meeting with CEO Jung Ki-sun has become an opportunity to deepen the close ties with HD Hyundai," and added, "I sincerely appreciate the long-term partnership with HD Hyundai and will spare no support to ensure that the results of various cooperative projects carried out with HD Hyundai become more visible."
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Meanwhile, HD Hyundai established a joint shipyard (IMI) in Saudi Arabia in 2017 and an engine joint venture in 2020, respectively, and Aramco invested about 1.3 trillion KRW in Hyundai Oilbank in 2019, becoming the second-largest shareholder, continuing the ongoing cooperative relationship.
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