▲ Invites key plant equipment and material suppliers to Korea as part of the Saudi Strategic Partners Partnership Program to enhance engagement 

▲ Hyundai E&C aims to secure and maintain its position in the global market by establishing partnerships with leading firms that take into account the unique characteristics of each business location

Hyundai E&C is strengthening its position as a global key player by expanding partnerships with leading overseas firms.

On November 20th, at the Grand Hyatt hotel in Yongsan-gu, Seoul, Hyundai E&C signed a Memorandum of Understanding (MoU) in the presence of key executives, including CEO Lee Han-woo, and principal figures from its strategic partner companies in Saudi Arabia. They agreed to strengthen mutual cooperation regarding the plant projects that Hyundai E&C is currently involved with within the country.

Hyundai E&C signed MOUs with a total of seven partner companies, all of which are key plant equipment and material suppliers with a formidable track record of business execution and influence within Saudi Arabia. These include ▲Hitachi Energy KSA (ultra-high voltage gas-insulated switchgear), ▲Flowserve Al-Rushaid (pump equipment), ▲Yokogawa Saudi Arabia (analyzers), ▲REDA Hazard Control (fire protection, safety, and security solutions), ▲AVK SVMC (industrial valves), ▲Petra (HVAC equipment), and ▲Saudi Diesel (diesel generators).

Hyundai E&C is carrying out a variety of projects in Saudi Arabia and the broader Middle East as a construction EPC partner for the key infrastructure projects of the Saudi Arabian government's Vision 2030 initiative, as well as for Aramco's mid- to long-term growth initiative, the Namaat program.

More specifically, recognizing the need for a localization strategy that reflects market-specific characteristics to ensure a stable workflow in large-scale petrochemical plant projects expected to materialize over the mid- to long-term, the company began selecting strategic partners within Saudi Arabia last year to enhance its competitiveness.

This MoU was also carried out as part of the two-day Saudi Strategic Partnership Program, which began on the 20th. Hyundai E&C invited the executive management of the seven partner companies to Korea and arranged a diverse itinerary, including executive-level meetings, a banquet, tours of major facilities, and K-culture experiences, in an effort to strengthen trust and build rapport.

A Hyundai E&C official commented, “The Saudi Strategic Partner Partnership Program is the first attempt to build a global mutual growth framework by extending Hyundai E&C's outstanding partner company system, ‘H-Prime Leaders,’ to firms overseas.” The official added, “Moving forward, Hyundai E&C plans to proactively manage global risks by strengthening partnerships with leading companies that possess outstanding track records and capabilities tailored to local characteristics, while also further accelerating our efforts to establish a broader presence in overseas markets.”

Since first entering the Saudi Arabian market in 1975 with a naval base maritime construction project, Hyundai E&C has constructed over 170 major infrastructure projects and landmarks over the past half-century, including the Jubail Industrial Port, the Ministry of Interior headquarters, and the Karan Gas Treatment Facility. In the plant sector, in particular, the company has maintained an unparalleled relationship of trust with Aramco, undertaking mega-projects valued at USD 6.5 billion since 2019, such as the Marjan Oil Processing Facility, the Jafurah Utilities and Offsite Facilities, and the Amiral Petrochemical Complex.