International Maritime Industries (IMI), the largest shipyard in the MENA region, has expanded its partnership with Hyundai Heavy Industries (HHI) to enable the construction of naval vessels at its yard in Saudi Arabia.  

 

The extension of the existing memorandum of understanding (MoU) between IMI and HHI will lead to further cooperation between the two partners in areas including naval vessel research, development and construction, and the localisation of engine manufacturing for naval ships in the kingdom.

 

It will also deliver further knowledge transfer through the training of IMI’s Saudi team members at HHI facilitates in Korea, providing them with new skills and future career opportunities, as well as the development of further commercial relations, said a statement. 

 

In the presence of Ahmed Al Saadi, Chairman of IMI, the MoU was signed during a ceremony held at the King Salman International Complex for Maritime Industries and Services exhibition stand at the World Defense Show in Riyadh, by Dr Abdullah Al Ahmari, President and CEO of IMI, and Moonyoung Park, Executive Vice President at HHI.

 

Dr Al Ahmari said: “We are delighted to have extended our partnership with HHI, one of IMI’s four founding JV partners and a key enabler of our success since launch in 2017. This announcement reflects HHI’s commitment to supporting our efforts of building a world-class, technologically advanced shipyard that will drive the development of the local maritime industry in Saudi Arabia, while expanding our technical capabilities and services. We look forward to continuing our work together in a range of areas, including naval shipbuilding.” 

 

Park said: “Working with IMI, we expect to be able to play an important role in helping to realize Vision 2030, such as through our joint efforts on the RSNF’s frigate acquisition project.”

IMI’s localisation efforts are focused on the procurement of materials and services used in rig and vessel production, as well as maintenance, repair and overhaul (MRO) practices. The company intends to form more long-term partnerships with suppliers from around the world that are committed to localizing the manufacturing of their products in Saudi Arabia.  

 

Located at Ras Al-Khair on Saudi Arabia’s eastern seaboard, IMI will be the largest maritime facility in the MENA region, with global ambitions and reach. IMI’s full-service yard will be capable of building four new offshore rigs and more than 43 vessels including VLCCs per year, as well as providing maintenance, repair and overhaul (MRO) services for more than 260 maritime products. 

 

State-of-the-art technologies including artificial intelligence, biometrics and the Internet of Things are embedded into the yard’s infrastructure, offering customers a cutting-edge advantage in an era of digitalization. IMI is a Saudi Aramco sponsored joint venture (JV) with partners Hyundai Global Services, Bahri and Lamprell. -– TradeArabia News Service