Suez Canal, Hyundai Discuss Shipyard Development, Green Shipbuilding

Osama Rabie, Chairman of the Suez Canal Authority (SCA) held a meeting with Inbom Choi, Vice President of Hyundai Corporation and Executive Director of Infrastructure and Machinery, alongside a delegation from the company.

The meeting was part of ongoing discussions aimed at enhancing cooperation between the two parties, focusing on the development of the Authority's shipyards and affiliated companies. The talks also covered opportunities for partnership in clean energy and infrastructure projects.

l Rabie highlighted that the global shipbuilding and repair market is undergoing significant transformations, particularly with the International Maritime Organization's (IMO) push toward green fuels. This shift represents a promising opportunity for the Suez Canal Authority to expand its activities in building and repairing environmentally friendly ships.

He also noted that collaboration with Hyundai has already yielded successful joint projects, including a grant for establishing classrooms and a training hall for a natural gas station at the Port Said Vocational Training Center. This initiative aims to equip students with skills for working in liquefied natural gas (LNG) stations.

Additionally, the partnership includes the development of the Port Said shipyard and the creation of a support base in the El Gouna area of Port Fouad for green shipbuilding. The collaboration also plans to introduce modern, sustainable methods for ship scrapping. Feasibility studies and designs for modernizing the Suez Shipyard are also under discussion.

Rabie emphasized the need to expedite technical studies and feasibility assessments in preparation for the implementation phase.

On his part,  Choi expressed Hyundai's eagerness to strengthen its partnership with the Suez Canal Authority. He confirmed the launch of the funding for the Port Said training center project, with practical training set to begin in the 2026 academic year. 

Choi also mentioned that preliminary studies for the Suez Shipyard development are nearing completion, with plans to sign a memorandum of understanding within six months to move forward with the implementation phase.