SEOUL: Hyundai Heavy Industries (HHI) is expected to enjoy another boost with its joint construction projects building turbine engine plants and shipyards in Saudi Arabia.
Korea Times reported that HHI Chairman Choi Gil-seon and President Kwon Oh-gap met Saudi Energy Minister Khalid Al-Falih in Seoul to discuss joint operations between HHI and Saudi Aramco.
Khalid Al-Falih is also chairman of Saudi Aramco.
Experts believe the meeting is expected to help the struggling shipyard’s efforts in normalizing its management if they deliver detailed outcomes over the projects.
Last November, HHI signed a general memorandum of understanding (MoU) with Saudi Aramco to jointly collaborate on business development opportunities in Saudi Arabia.
Under the agreement, HHI secured a bid preference over ships ordered by the Saudi government as well as the maintenance contract.
Chung Ki-sun, senior vice president of HHI Corporate Planning and also a grandson of Hyundai Group founder Chung Ju-yung, reportedly played a leading role behind the MoU deal with Saudi Aramco.
Saudi Aramco Chairman Khalid Al-Falih wa appointed as Saudi Energy Minister in May last year.
He also met Trade, Industry and Energy Minister Joo Hyung-hwan after the meeting with HHI officials.
Al-Falih earlier said Saudi Arabia wants to expand its investments in China’s energy industry as part of efforts to boost cooperation with a top customer.
Al-Falih’s comments were made in an e-mailed statement after discussions with China’s Vice Premier Zhang Gaoli and other officials in Beijing during a G20 ministerial meeting.
“Saudi Arabia is very keen to elevate their partnership in the energy sector to the highest level,” he was quoted as saying in the statement, published in Reuters.
He said he hoped Saudi investments could increase to cover all Chinese provinces and that there was room to grow bilateral trade in both energy and other hydrocarbons products such as petrochemicals.
Al-Falih also said he wanted to see new investment projects carried out by Saudi and Chinese sovereign wealth funds, and added that the two countries shared interest in crude oil storage, mining, renewable energy and industrial development.
Both Saudi Aramco and petrochemicals conglomerate Saudi Basic Industries Corp. (SABIC) have joint venture businesses in China and new projects under development.
In January, Aramco said it was also in advanced talks to invest in refineries in China. SABIC said in May it had agreed to build another petrochemical factory there.
Hyundai Heavy discusses joint project with Saudi minister
Hyundai Heavy discusses joint project with Saudi minister
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
