South Korea’s “HD Hyundai” wins a deal worth $72 million in ‎Saudi Arabia

HD Hyundai Electric said on Friday that it had signed a deal to supply transformers, high-voltage circuit breakers, high-voltage reactors and others with a company specialized in engineering, procurement and construction based in the Kingdom of Saudi Arabia.

According to the Korean Yonhap Agency, the value of the deal amounted to 94.3 billion won ($72 million), which is the largest amount among the orders that the company won in Saudi Arabia.

The power equipment will be supplied to a power substation that will be built by December next year in a new planned city near the historic city of Diriyah, where Saudi Arabia is implementing the Diriyah Gate Project, a huge vital cultural tourism project with a total injection of $20 billion.

A company official said that investments in the electrical network in Saudi Arabia are expected to continue next year, as the company seeks to strengthen its solid position in the local market.

​