Hoban Group Signs Business Agreement with Saudi Al-Ojaimi Group

Joint Investment by Al-Ojaimi Group and Local Cable Manufacturing Corporation
Consortium Formed for Mega Project Investments Including Construction

Hoban Group, participating as an economic delegation on the Saudi Arabia tour, announced on the 23rd that it has signed a Memorandum of Understanding (MOU) for mutual cooperation with Saudi Arabia's Mohammed Al-Ojaimi Group.

Salem Mohamed Al Ojaimi, CEO of Al-Ojaimi Group, and Kim Seon-gyu, Chairman of Hoban Group (right), are taking a commemorative photo after signing a business agreement. (Provided by Hoban Construction)

The signing ceremony held on the 22nd (local time) at the Fairmont Hotel in Riyadh, Saudi Arabia, was attended by Hoban Group Chairman Kim Seon-gyu, Salem Mohammed Al Ojaimi, CEO of Al-Ojaimi Group, and other representatives from both sides. Saudi Arabia's Al-Ojaimi Group is a leading company in Saudi Arabia and a competitive EPC (Engineering, Procurement, Construction) firm.

Through this agreement, both parties agreed to mutually cooperate and support business activities within Saudi Arabia across various fields such as construction and manufacturing by Hoban Group. The main points include △ joint investment in a production corporation for extra-high voltage, high voltage, and medium-low voltage cables in Saudi Arabia △ technical cooperation and support for the production and operation of the extra-high voltage cable factory △ formation of a consortium for joint investment in Saudi mega projects △ cooperation between Hoban Construction and Al-Ojaimi Group in Saudi housing construction. In particular, Hoban Group will form a consortium with Al-Ojaimi Group to jointly invest in Saudi mega projects, and Hoban Group’s construction affiliates will collaborate on housing construction.

Kim Seon-gyu, Chairman of Hoban Group attending as part of the economic delegation, stated, "Hoban Group is promoting the establishment of an extra-high voltage cable production base in Saudi Arabia through Korea Electric Wire Corporation, and this agreement is expected to expand construction-related fields such as mega projects. Through this tour, Hoban Group will lead the second Middle East boom and contribute to the development of the Korean economy."

Meanwhile, Chairman Kim Seon-gyu of Hoban Group also attended the 'Korea-Saudi Investment Forum' in the afternoon, building partnerships with various companies. Additionally, earlier this year, Hoban Group signed a mutual cooperation agreement with Saudi Aramco, the world's largest energy company, to collaborate on infrastructure and underground utility projects within Saudi Arabia.

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