South Korea’s Doosan Heavy Industries and Construction said on Friday it had won a 1 trillion won ($834 million) deal with the company. Saudi Tuwaiq Casting and Roads To build a metal casting and forming plant in Saudi Arabia.
Tuwaiq was established last month as a joint venture of Doosan, Saudi Dussur Industrial Investments Company and Saudi Aramco Development Company, a subsidiary of Saudi Aramco.
According to the Korean News Agency, Doosan stated that under the deal, it plans to build the largest metallurgical and casting plant in Saudi Arabia with a capacity of 60,000 tons per year in the King Salman International Complex near the industrial city of Jubail on the eastern coast of Saudi Arabia.
Construction of the plant is expected to start this year and finish in the first quarter of 2025.
According to Frost & Sullivan Research and Consulting, the market size for metal casting and shaping in the Gulf Cooperation Council countries, led by Saudi Arabia and the UAE, is expected to rise to two trillion won ($1.8 billion) by 2028.
