Saudi Arabia-based International Maritime Industries (IMI) has signed a memorandum of understanding (MoU) with Hyundai Heavy Industries (HHI) to cooperate with each other for the mutual development of potential commercial relations.
International Maritime Industries is a joint venture between Saudi Aramco, Lamprell, Bahri and Hyundai Heavy Industries.
The agreement between IMI and HHI facilitates the exchange of information and involvement in relevant naval vessel research and development updates, and localising engine manufacturing for naval ships in Saudi Arabia, said a statement.
Maritime Industries & Services at Ras Al-Khair, Saudi Arabia will be the largest, full service maritime facility in Middle East and North Africa (Mena), it said.
Fathi K Al Saleem, chief executive officer of IMI, said: “As we build a new maritime industry in Saudi Arabia, it is important we leverage our partnership with a world-class shipbuilder such as HHI.”
“This agreement has the potential to expand our product offering into a new market segment. Additionally, the potential knowledge transfer through the training of our Saudi team members at HHI facilitates assists us in creating new career opportunities in the kingdom and will enable us to independently manufacture and service naval vessels at Ras Al-Khair in the future,” Al Saleem added.
When the building is complete, the annual capacity of the facility will be four new build offshore rigs and over 43 new build vessels including VLCCs, in addition to servicing more than 260 maritime products, it said.
Major production operations are expected to commence toward the end of 2020 with the facility reaching its full production capacity by 2022, it stated. – TradeArabia News Service
IMI signs MoU with HHI for collaborations in Saudi Arabia
&uuid=(email))