New Saudi Arabian shipyard ready during 2020

The giant project from state-owned Saudi Arabian energy group Aramco's to build a giant shipyard on the Saudi eastern coast will partially be completed before the end of 2020. The new yard is called the King Salman Complex for Maritime Industries and Services and is in the port of Ras Al-Khair on the Gulf. The project was started in 2016 after Aramco signed a memorandum of understanding with South Korea's shipbuilder Hyundai Heavy Industries. The project, with an estimated cost of around US$4.3 billion, is divided into three phases, including maritime industries, oil platforms, and engines, Aramco said. Phase 1 is expected to be completed before the end of 2020 while the shipyard will be fully commissioned on schedule in October 2022, Aramco said. "The maritime platform project will serve the oil sector in Saudi Arabia and other Gulf countries...it will be ready in August 2022," it added. In October 2016, Royal Haskoning DHV and Hyundai Engineering & Construction were awarded a design contract for the yard. In November 2017, Saudi Aramco awarded China Power Construction Group a US$3 billion contract to build the shipyard facilities. The project is a major part of Saudi Arabia’s efforts to diversify its economy away from oil.