Chung Ki-sun, president of HD Hyundai, will meet with Yasir Al-Rumayyan, governor of the Public Investment Fund of Saudi Arabia and chairman of Saudi Aramco, to discuss business cooperation during the latter’s visit to Korea from Sept. 6-8.
Chung will meet with Al-Rumayyan at HD Hyundai’s headquarters in the Jung district of Seoul on Sept. 8, industry sources said on Sept. 7. Al-Rumayyan is known to be a close confidant of Saudi Crown Prince Muhammad bin Salman. He heads the PIF, a state-owned fund funded by the Saudi royal family, with US$600 billion under management.
HD Hyundai has been expanding its cooperation with Saudi Arabia such as building a shipyard in 2017 and establishing an engine company in 2020. In 2019, Aramco invested 1.3 trillion won in Hyundai Oilbank, making itself the second-largest shareholder of the Korea oil refinery company.
In August, HD Hyundai Construction Machinery supplied 50 machines including 12 40-ton excavators and five large-capacity bucket wheel loaders for the construction site of Neom City “The Line,” a mammoth-size project in the Middle East kingdom.
Meanwhile, Al-Rumayyan will meet with Anwar Al-Hijazi, chief executive officer of S-Oil, to discuss business matters after meeting with Chung on Sept. 8. Aramco is the largest shareholder in S-Oil and Al-Rumayyan is the chairman of Aramco’s board of directors.