News and Updates on HD Hyundai

HD Hyundai CEO Ki-sun Chung discussed expanding cooperation with Minister of Investment of Saudi Arabia

▶ CEO Chung checked the progress in collaboration projects such as the Saudi Arabian shipyard International Maritime Industries (IMI) and the engine manufacturing joint venture
▶ “We expect stronger cooperation based on the continued development of the collaborative relationship with Saudi Arabia,” said CEO Chung.
HD Hyundai announced that CEO Ki-sun Chung had a meeting with HE Eng. Khalid A. Al-Falih, Minister of Investment of Saudi Arabia at Four Seasons Hotel Seoul to discuss ways to expand the business cooperation on November 11.

In the meeting, CEO Chung examined the progress and next steps for collaborative businesses, including a joint shipyard working with Saudi Aramco and Bahri "Makeen", the engine manufacturing joint venture, and other potential projects.

Additionally, the two executives exchanged opinions about the world economy, including the future of fuel, and agreed to further expand the opportunities for cooperation for “Saudi Vision 2030.”

“We have long continued and developed the cooperative relationship with Saudi Arabia while achieving the Group’s growth along with Saudi’s industrial development. We look forward to strengthening the cooperative projects with Saudi Arabia in various fields in the future,” said CEO Chung.

“The meeting with CEO Chung served as an opportunity to further strengthen the close tie with HD Hyundai. We truly appreciate the long term partnership approach exhibited by HD Hyundai and We will provide necessary support to achieve the tangible outcome from the various ongoing joint projects with HD Hyundai,” said Minister Al-Falih.

Meanwhile, HD Hyundai jointly with Aramco established the International Maritime Industries (IMI) in 2017, the anchor project of the King Salman Maritime International Complex in Saudi Arabia, and set up the engine manufacturing joint venture in 2020. Aramco invested about KRW 1.3 trillion in Hyundai Oil Bank in 2019 and became the second largest shareholder. As such, the cooperative relationship has been smoothly continued