HD Hyundai Electric wins 94.3 billion KRW power equipment order in Saudi Arabia... Largest ever
Supply Contract for Transformers, High-Voltage Circuit Breakers, Reactors, etc.
Participation in Construction of 'Diriyah Gate,' the Second Neom City
"Securing Position by Additional Orders for Saudi Power Grid Investment"
HD Hyundai Electric, a subsidiary of HD Hyundai specializing in power equipment and energy solutions, has achieved the largest order since its establishment as an independent corporation in Saudi Arabia.
On the 24th, HD Hyundai Electric announced that it recently signed a supply contract worth a total of 94.3 billion KRW for power equipment including transformers, high-voltage circuit breakers, and reactors with an EPC (Engineering, Procurement, and Construction) specialist company based in Saudi Arabia.
The power equipment ordered this time will be used for a new substation required for the development of the Diriyah heritage site new city. Each product is scheduled to be sequentially supplied to the client by December 2024.
The Saudi government is promoting a large-scale urban development project to build premium tourist facilities around the Diriyah heritage site, the origin of the Saudi dynasty, with a total project cost of 20 billion USD. Known as the 'Diriyah Gate,' this project is also referred to as the 'Second Neom City.'
![HD Hyundai Electric Power Transformer <br>[Photo by HD Hyundai Electric]](http://www.asiae.co.kr/news/img_view.htm?img=2023112410071065295_1700788030.jpg)
HD Hyundai Electric has been signing supply contracts for power equipment related to new city development every month in Saudi Arabia, from the Neom City construction project in September to the recent Diriyah development project.
It is expected that as the Saudi government’s urban development projects accelerate based on the ‘Vision 2030’ policy, the demand for power equipment necessary for power grid construction will also increase.
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An official from HD Hyundai Electric stated, “We have been consecutively winning large-scale orders recently as our products’ excellent quality and supply capabilities have been recognized by customers. With power grid investments in Saudi Arabia expected to continue next year, we plan to secure orders for upcoming projects as well, thereby establishing a stronger position in the market.”
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