Riyadh – Mubasher: Saudi Aramco, the Saudi Industrial Investments Company (Dussur), and Hyundai Heavy Industries (HHI) signed a memorandum of understanding (MoU) to collaborate on developing the engines and pumps business in Saudi Arabia by establishing a joint venture (JV).
The joint venture will manufacture 2-stroke and 4-stroke engines, and marine pumps, offer sales and aftersales services in the MENA region, and provide more than 650 jobs opportunities.
It is expected that the manufacturing facility will start operating by the end of 2019.
The 2-stroke engines will be manufactured and operated under the sublicence of a MAN-HHI, while the 4-stroke engines will be manufactured under the brand licencing of HHI’s HiMSEN.
“The parties have identified strong economic and strategic levers to the new JV such as the lower costs of production due to the advantaged supply of machine finished steel and iron components for engines and pumps,” Aramco said in a statement.
