SIIVC CEO Faisal Abdulaziz, Pukyong Industrial CEO Yoo Geun-hoe, and Yoo Ho-chul, chairman of YUMIN ST (from left), are signing the final agreement to move into Saudi-Korean industrial complexes.
"The Saudi Arabia-Korea Industrial Complex (SKIV) will be a land of opportunity for Korean companies to enter the Middle East and Africa."
Abdulelah Almutlaq, chairman of the Saudi International Industrial Complex Corporation (SIIVC), who recently visited Korea, explained the benefits of SKIV in an interview at Maekyung Media Center in Seoul on November 13th. SKIV is Saudi Arabia's first foreign company industrial complex project. Chairman Almutlaq emphasized, "Jazan, where SKIV will enter, is adjacent to the port, so it is advantageous for Korean companies moving in to export not only to Saudi Arabia but also to neighboring regions through shipping." The industrial complex is a port city facing the Red Sea, emphasizing the ease of access to Europe, the Middle East, and Africa, respectively, through the Red Sea, the Suez Canal to the north and the Gulf of Aden to the south.
SKIV is a project in which SIIVC invests funds from the Saudi Industrial Development Fund (SIDF) to create a high-tech industrial complex of 1.2 million square meters in Jazan, an industrial city in southwest Saudi Arabia. It is part of the "Vision 2030" project that Saudi Arabia is working on to transform the oil-oriented economic structure into a new manufacturing-oriented industrial structure. SIIVC has signed an official agreement with the The Royal Commission for Jubail and Yanbu (RCJY) to promote SKIV. Given the current pace of progress, it is expected that the operation of the industrial complex will begin in earnest in early 2026.
Chairman Almutlaq recently visited Korea and is in contact with Korean companies that will move into SKIV. On the 12th, at the 2nd Techno Valley Corporate Growth Center in Pangyo, Gyeonggi-do, four SKIV companies and their partners met and held a three-way consultation signing ceremony. Saudi Ambassador to Korea Sami M. Alsadhan, representing the Saudi government, attended the event, while Chairman Almutlaq and CEO Faisal Abdulaziz attended the SIIVC.
SKIV combines the expertise and resources of both countries to develop the industry and provide an opportunity to positively impact communities around the world, Ambassador Alsadhan said. "I am confident that this project will be an example of international cooperation and inspire future partnerships."
More than 40 partners who will provide equipment to these companies also attended the event, along with four companies scheduled to move in: YUMIN ST, Gaoncell, MiCo BioMed , and Nosta Composite.
YUMIN ST is a company that produces film-type liquid detection sensors based on electronic printed circuits that detect leakage of hazardous liquids. The liquid detection sensors are expected to be used not only to prevent accidents caused by leakage in industrial sites such as oil refineries and chemical plants, but also to minimize losses caused by water pipe leakage in the Middle East and Africa.
Nosta Composite is a company that produces composite gas cylinders. Nosta Composite plans to build a production facility for 1.6 million composite gas cylinders per year and sell them throughout the Middle East and Africa. MiCo BioMed plans to expand its presence in the in vitro diagnostic medical device market in the Middle East and Africa by moving into SKIV. Gaoncell plans to produce stacks, which are important components of methanol fuel cells (DMFC) and hydrogen fuel cells (PEMFC), in Korea and supply them to SKIV, and manufacture the final products at a local Saudi Arabian factory.
[Reporter Lee Yoon-sik (leeyunsik@mk.co.kr)]
SIIVC CEO Faisal Abdulaziz, Pukyong Industrial CEO Yoo Geun-hoe, and Yoo Ho-chul, chairman of YUMIN ST (from left), are signing the final agreement to move into Saudi-Korean industrial complexes.
"The Saudi Arabia-Korea Industrial Complex (SKIV) will be a land of opportunity for Korean companies to enter the Middle East and Africa."
Abdulelah Almutlaq, chairman of the Saudi International Industrial Complex Corporation (SIIVC), who recently visited Korea, explained the benefits of SKIV in an interview at Maekyung Media Center in Seoul on November 13th. SKIV is Saudi Arabia's first foreign company industrial complex project. Chairman Almutlaq emphasized, "Jazan, where SKIV will enter, is adjacent to the port, so it is advantageous for Korean companies moving in to export not only to Saudi Arabia but also to neighboring regions through shipping." The industrial complex is a port city facing the Red Sea, emphasizing the ease of access to Europe, the Middle East, and Africa, respectively, through the Red Sea, the Suez Canal to the north and the Gulf of Aden to the south.
SKIV is a project in which SIIVC invests funds from the Saudi Industrial Development Fund (SIDF) to create a high-tech industrial complex of 1.2 million square meters in Jazan, an industrial city in southwest Saudi Arabia. It is part of the "Vision 2030" project that Saudi Arabia is working on to transform the oil-oriented economic structure into a new manufacturing-oriented industrial structure. SIIVC has signed an official agreement with the The Royal Commission for Jubail and Yanbu (RCJY) to promote SKIV. Given the current pace of progress, it is expected that the operation of the industrial complex will begin in earnest in early 2026.
Chairman Almutlaq recently visited Korea and is in contact with Korean companies that will move into SKIV. On the 12th, at the 2nd Techno Valley Corporate Growth Center in Pangyo, Gyeonggi-do, four SKIV companies and their partners met and held a three-way consultation signing ceremony. Saudi Ambassador to Korea Sami M. Alsadhan, representing the Saudi government, attended the event, while Chairman Almutlaq and CEO Faisal Abdulaziz attended the SIIVC.
SKIV combines the expertise and resources of both countries to develop the industry and provide an opportunity to positively impact communities around the world, Ambassador Alsadhan said. "I am confident that this project will be an example of international cooperation and inspire future partnerships."
More than 40 partners who will provide equipment to these companies also attended the event, along with four companies scheduled to move in: YUMIN ST, Gaoncell, MiCo BioMed , and Nosta Composite.
YUMIN ST is a company that produces film-type liquid detection sensors based on electronic printed circuits that detect leakage of hazardous liquids. The liquid detection sensors are expected to be used not only to prevent accidents caused by leakage in industrial sites such as oil refineries and chemical plants, but also to minimize losses caused by water pipe leakage in the Middle East and Africa.
Nosta Composite is a company that produces composite gas cylinders. Nosta Composite plans to build a production facility for 1.6 million composite gas cylinders per year and sell them throughout the Middle East and Africa. MiCo BioMed plans to expand its presence in the in vitro diagnostic medical device market in the Middle East and Africa by moving into SKIV. Gaoncell plans to produce stacks, which are important components of methanol fuel cells (DMFC) and hydrogen fuel cells (PEMFC), in Korea and supply them to SKIV, and manufacture the final products at a local Saudi Arabian factory.
[Reporter Lee Yoon-sik (leeyunsik@mk.co.kr)]