Saudi Aramco, Hyundai to set up MENA’s first marine engine plant

State-run Saudi Aramco, Saudi Arabian Industrial Investments Co. (Dussur) and South Korea's Hyundai Heavy Industries (HHI) have formed a joint venture (JV) to set up a marine engine manufacturing plant in Ras Al Khair, the Eastern Province. 

The new facility will be the first marine engine manufacturing plant in the MENA region and the main supplier for local and international maritime businesses, Dussur said in a statement on Tuesday. 

Saudi Aramco will own 55 percent of the JV, Dussur will hold 15 percent, while HHI will keep the remaining 30 percent share.

The JV will produce marine engines and pumps that power vessels, auxiliary equipment, generators and propulsion systems. 

The engines will also be used in commercial vessels propulsion, electrical power generation, cargo oil pumps and off-shore rig pumps.

Dussur was established in 2014 by the world’s largest oil exporter, the Public Investment Fund and SABIC with the aim to develop industrial sectors in the Kingdom.