DHAHRAN, Saudi Arabia – King Salman bin Abdulaziz Al Saud has laid the cornerstone of the King Salman International Complex for Maritime Industries & Services near Jubail in eastern Saudi Arabia.
Development will start with a maritime yard, managed and maintained by Saudi Aramco’s proposed joint venture with The National Shipping Company of Saudi Arabia (Bahri), Hyundai Heavy Industries, and Lamprell.
On completion in 2021 it will be available for offshore vessel and rig build, maintenance, repair, and overhaul services.
By 2030, Aramco expects the complex to contribute around SAR64 billion ($17 billion) annually to the Kingdom’s GDP, reducing the cost of maritime-related imports by SAR45 billion ($12 billion) and creating more than 80,000 jobs.
Aramco’s president and CEO Amin Nasser said: “Ras Al-Khair will be a dynamic industrial stronghold in the Kingdom, incubating various industries.”
The company aims to double the percentage of local content in commodities and services produced in the Kingdom to 70% by 2021, he added.
The complex will host numerous support service facilities and a residential compound with associated recreational amenities. It is expected to open in early 2019, reaching full operational capacity by 2021.