Hyundai Engineering & Construction (Hyundai E&C) said on October 21 that it signed memoranda of understanding (MOUs) with seven strategic Saudi suppliers to strengthen cooperation on plant projects. The agreements were signed on October 20 at the Grand Hyatt hotel in Yongsan, Seoul.
The seven partner companies cover key plant equipment and services and have strong business records in Saudi Arabia: Hitachi Energy KSA (high-voltage gas-insulated switchgear), Flowserve Alusaid (pumping equipment), Yokogawa Saudi (analytical instruments), Reda Hazard Control (fire, safety and security solutions), AVK SVM (industrial valves), Petra (HVAC systems), and Saudi Diesel (diesel generators).
Hyundai E&C has been executing a range of projects across the Middle East, serving as a construction EPC partner for Saudi government Vision 2030 infrastructure programs and Aramco’s medium- to long-term Namaat growth projects. Anticipating large-scale petrochemical plant orders in the mid- to long term, the company has pursued a localization strategy since last year by selecting strategic Saudi partners to strengthen its competitiveness and secure stable work opportunities.
The MOUs were part of a two-day “Saudi Strategic Partner Partnership Program” that began on October 20. Hyundai E&C invited senior executives from the seven suppliers to Korea for executive meetings, networking dinners, site visits and K-culture experiences aimed at building trust and deepening ties.
A Hyundai E&C spokesperson said the partnership program represents the company’s first effort to extend its H-Prime Leaders excellence partner system to overseas firms and to build a global co-growth framework. The company added it will continue to reinforce partnerships with leading local firms that have strong performance and capabilities, proactively manage global risks, and accelerate its overseas market push.
