South Korea’s Hoban Group and Saudi Aramco, the world’s largest energy company, have signed a memorandum of understanding (MoU) for cooperation, The Korean Economic Daily reported.

The companies will work and support each other to develop Hoban’s business in Saudi Arabia in the construction and manufacturing sectors.

Hoban Construction and Hoban E&C, the two construction arms of the group, are working on infrastructure and underground utility projects in the Kingdom.

Moreover, group subsidiary, Taihan Cable & Solution Company, is investing in manufacturing facilities for power equipment.

In October 2022, Saudi Arabia's Ministry of Investment had signed an agreement with Taihan Cable to establish a new extra high voltage (EHV) cable and copper rod manufacturing plant.