Saudi Aramco has launched a joint venture with the Saudi Arabian Industrial Investments Company (Dussur) and Hyundai Heavy Industries (HHI) to manufacture 2-stroke and 4-stroke marine and Electric Power Plants (EPP) engines and marine pumps.
Saudi Aramco will own 55% of the JV, while Dussur and HHI will hold 15% and 30%, respectively, according to a company statement released on Tuesday.
“This partnership marks our commitment to enable private sector growth in the Kingdom by unlocking investments and attracting foreign direct investments,” Dussur’s CEO Raed AlRayes said.
Located at Ras AlKhair in Saudi Arabia’s Eastern Province, the manufacturing facility will produce Marine engines and pumps that power vessels, auxiliary equipment, generators, and propulsion systems.
“The venture is expected to create over 720 jobs and will encourage the transfer of knowledge and industry know-how to Saudi Arabia,” AlRayes added.
The deal’s value was not revealed.