South Korea-based leading plant expert in the power and water industry, Doosan Heavy Industries and Construction has begun the construction of the Tuwaiq Casting & Forging Factory, in the Ras Al Khair region, Saudi Arabia.
The facility which is expected to produce 60,000 tons of castings and forgings every year, is a joint venture between Doosan Heavy, Saudi Arabian Industrial Investment Company (Dussur), and Saudi Aramco Development Company, a wholly-owned subsidiary of global energy giant Saudi Aramco, which was established earlier this year.
The $834 million foundry and forging plant, planned to be completed in the first quarter of 2025, is being set up in the King Salman Shipbuilding Complex near the Jubail Area in eastern Saudi Arabia.
According to Doosan’s official statement, the 400,000 square meter factory will manufacture cast and forged materials used for pumps and valves for petrochemical plants in Saudi Arabia along with equipment for shipbuilding and offshore plants.
Speaking at the groundbreaking, Ras Al Khair Industrial Park CEO Mr. Ahmed bin Mohammed Hassan stated that “The foundry and forging plant construction is the kingdom’s first project and is part of a joint effort to build a complete value chain with coastal industrial production, thereby extending this value chain from Saudi raw materials on land to end products such as excavators and ships.”
“With this project, not only are we casting basic steel parts for the offshore yards of the industrial city of Ras Al Khair, but also the entire kingdom. We have confirmed that we are aiming to mold the general energy products and service requirements,” Mr. Ahmed Hassan further added.
Mr. Ahmed Hassan elaborated that through the construction of this plant, Saudi Arabia aims to create 1,400 new jobs in the local community at a rate of more than 50 percent Saudiization ratio.