[THE INVESTOR] Hyundai Heavy Industries said on Oct. 4 that it has signed a memorandum of understanding with Saudi Electricity to strengthen its partnership in the Middle Eastern country’s electricity market.

Saudi Arabia is seeking to spend a total of US$89.3 billion by 2021 to expand its electricity output to 105 GW from the current 65 GW in order to meet growing electricity demand.

HHI has been providing power transformers and gas-insulated switchgears to Saudi Arabia. Last year, the shipbuilder clinched deals valued at 400 billion won (US$362.44 million) to provide such products.

(theinvestor@heraldcorp.com)