Press Release

Doosan Heavy Industries & Construction (hereinafter “Doosan” announced that it has entered into a casting and forging joint venture in Saudi Arabia that will utilize Doosan’s technologies and expertise in the casting and forging sector that it has accumulated over the last 40 years.

On January 18, Doosan signed an amendment to a shareholders’ agreement with the Saudi Arabian Industrial Investments Company(Dussur) and Saudi Aramco Development Company, a wholly owned subsidiary of Saudi Aramco, in Riyadh, Saudi Arabia, which governs a global scale casting and forging joint venture company, TUWAIQ Casting & Forging. The signing ceremony was attended by the South Korean President, Mr. Moon Jae-in, H.R.H Minister of Energy, Abdulaziz Bin Salman Al Saud,  H.E. Minister of Investment, Khaled AlFaleh, the H.E. Minister of Industry, Bandar Al-Khorayef, and the H.E the Governor of the Public Investment Fund, Yaser AlRumayyan.

TUWAIQ Casting & Forging is to be situated by the King Salman International Maritime Industries Complex in Ras Al-Khair near Jubail in the Eastern Province of Saudi Arabia. The construction of the joint venture facility is expected to begin this year and is scheduled to be completed in the first quarter of 2025. The 400,000 square meter casting and forging facility is expected to have an annual capacity of approximately 60,000 tons. Equipped with integrated production lines, including steel making, casting and forging and processing, the plant is expected to be Saudi Arabia’s largest casting and forging facility.

Major product lines from the facility are expected to include casting and forging materials for pumps and valves used at petrochemical plants and for equipment used in shipbuilding and offshore plants in Saudi Arabia. In the long term, the partners intend to expand the product mix of the facility to cover power generation plants and wind power plants.

Doosan is expected to sign an EPC contract (valued at KRW 1 trillion won) with the joint venture company to build the facility.  Doosan expects to include small and medium-sized Korean engineering companies as well as Saudi Arabian and international companies in the competitive bidding process to build the plant and to provide major equipment.

“This joint venture project is significant as it is the first overseas project of Doosan’s world-class casting and forging technology,” said Geewon Park, Doosan Heavy Industries & Construction Chairman & CEO.  “The joint venture project provides Doosan the opportunity to participate in Saudi Arabia’s key industries and will serve as a good opportunity to enhance partnership between Doosan and its Saudi Arabian partners.  We hope the joint venture will serve as a stepping stone for Doosan to expand into new businesses such as renewable energy,” Geewon Park added.
The joint venture contributes to the nation’s strategic framework for industrial development.

With the casting and forging infrastructure, which is the foundation of the manufacturing industry, Saudi Arabia will gain a foothold to make a leap across its key industries.

▲Raed Al-Rayes, CEO of Dussur (in the middle); Waleed Al-Saif, CEO of Saudi Aramco Development Company (on the right) and Hayong Jeon, Vice President of Doosan (on the left), pose for a photo at the shareholder’s agreement signing ceremony held in Riyadh, Saudi Arabia.

▲Location of TUWAIQ Casting & Forging Facility

▲Aerial view of TUWAIQ Casting & Forging Facility