NIDLP to begin shipbuilding in 2024: CEO

Suliman Almazroua, CEO of NIDLP

The National Industrial Development and Logistics Program (NIDLP) will start shipbuilding factories in the Ras Al-Khair area this year, according to CEO Suliman Almazroua.

"We expect to witness the inception of major shipbuilding projects in partnership with Hyundai Heavy Industries Co., National Shipping Company of Saudi Arabia (Bahri), and Saudi Arabian Oil Co. (Saudi Aramco). This will be a significant highlight for NIDLP in 2024," Almazroua told Asharq Bloomberg in an interview.

He said that the program seeks to work across more than 12 industrial sectors, with shipbuilding being a promising and ambitious industry in the Ras Al-Khair region, located in the eastern part of Saudi Arabia.

Almazroua noted that since the inception of the program, SAR 520 billion has been invested, including more than SAR 68 billion last year.

Additionally, non-oil exports reached SAR 454 billion last year, ahead of the 2025 target, CEO added.

In December 2017, Saudi Aramco launched a global maritime industries joint venture with Lamprell PLC, Bahri, and Hyundai, to establish a maritime complex for shipbuilding and repair in Ras Al-Khair on the eastern coast, Argaam reported.

The complex is expected to have an annual production capacity to manufacture four offshore drilling platforms and more than 40 ships, including three large oil tankers. The project is anticipated to reduce Saudi imports by $12 billion and increase the Kingdom’s gross domestic product (GDP) by $17 billion.