[Courtesy of Hyundai Heavy Industries]
Hyundai Heavy Industries, the world's largest shipbuilder, has agreed to build a joint shipyard with Saudi national oil giant Aramco by 2021.
The joint shipyard has been pushed by Saudi Arabia as part of efforts to diversify its economy beyond oil. Riyadh has developed non-oil industries, using state spending on projects including a shipbuilding and repair complex in the kingdom.
Hyundai Heavy is among a number of foreign firms involved in Saudi projects that include a maritime complex offering engineering, manufacturing and repair services for offshore rigs, commercial vessels, and offshore service vessels.
The joint shipyard worth five trillion won (4.2 billion US dollars) will be built on Saudi Arabia's east coast. Hyundai will transfer know-how and technology to its Saudi partner.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
