Korea’s Doosan Wins $834mln Deal to Build Metal Casting Jubail-based Factory

South Korea’s Doosan Heavy Industries & Construction won a 1 trillion won ($834 million) deal with Saudi Arabia’s Tuwaiq Casting and Shaping co. to build a metal plant, in Saudi Arabia.

Tuwaiq company was established last month, as a tripartite joint venture comprising Doosan corporation, Saudi Dussur Industrial Investments company and Saudi Aramco Development company, a subsidiary of Saudi Aramco.

Under the deal, Doosan plans to build the largest metal shaping and casting plant in Saudi Arabia, with a capacity of 60,000 tons per year, at King Salman International Complex near Jubail Industrial City, on the eastern coast of Saudi Arabia, Yonhap reported.

Construction of the plant is expected to start this year, and to be completed, in the 1st quarter of 2025.

The market volume for metal casting and shaping in the GCC member states, led by Saudi Arabia and the UAE, is expected to rise to two trillion won ($1.8 billion) by 2028, according to Frost & Sullivan Research and Consulting.