October 11, 2016 / 9:01 AM / in a year

Duo gets design contract for massive Saudi maritime yard

KHOBAR, Saudi Arabia, Oct 11 (Reuters) - A joint venture of HaskoningDHV UK and Hyundai Engineering & Construction Co has been awarded a contract to design the infrastructure for the Ras Al Khair maritime yard in Saudi Arabia, a statement from the firms said on Tuesday.

The duo, based in the Netherlands and South Korea, have been awarded the front-end engineering design contract, with the work expected to take five months to complete, they said. The value of the contract was not disclosed.

The huge ship repair and shipbuilding complex in the east of the country, which is due to be fully operational by 2021, is part of the kingdom’s sweeping economic reform plan aimed at reducing the dependence of the Saudi economy on oil revenues.

Saudi Aramco (IPO-ARMO.SE), the state oil giant in charge of the project, has said it expects the complex to create 80,000 jobs and allow Saudi Arabia to reduce its imports by $12 billion while increasing gross domestic product by $17 billion.

Reporting by Reem Shamseddine; Writing by David French; Editing by Andrew Torchia

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