In a major stride toward advancing energy solutions in the Middle East, HD Hyundai Electric Co., a subsidiary of South Korea's shipbuilding giant HD Hyundai Co., has sealed a remarkable 94.3 billion won ($72.3 million) deal. This agreement involves the supply of crucial power equipment for Saudi Arabia's visionary new city development project near the historic Diriyah archaeological site. Among the supplied components are power transformers, high-voltage circuit breakers, reactors, and more.
This landmark deal, announced on Friday, represents the largest order ever received by HD Hyundai Electric from Saudi Arabia, solidifying its role in the region's burgeoning energy infrastructure. The power equipment procured through this agreement will be directed to a substation within the new city development project adjacent to the Diriyah archaeological site, contributing to the vital backbone of the evolving landscape.
As part of the broader vision of the Saudi government's $20 billion investment, the Diriyah Gate project aims to transform the historic site of Diriyah, the ancestral home of the Saudi royal family, into a luxurious tourist destination. Often referred to as the second Neom City, this ambitious initiative is driving substantial advancements in infrastructure development.
HD Hyundai Electric's consecutive power equipment supply contracts with Saudi Arabia, spanning from the Neom City construction project to the current Diriyah development project, underscore the company's commitment to playing a pivotal role in the ongoing evolution of the Saudi power grid.
