Saudi Aramco’s Chairman and Energy Minister, Khalid al-Falih, declared that the company is developing a marine complex andmaritime yard at Ras al-Khair on the kingdom’s east coast, with investments of over $5.33b, reported Reuters. Falih added: “Construction will start in 2018, production in 2022.”

The maritime yard will comprise a distinct shipyard facility for large shipbuilding, large ship repair, offshore rigs fabrication, and offshore support vessel repair, according to The Maritime Executive. Accordingly, the government will finance the infrastructure of the complex such as dredging and other work as it did with other cities Jubail and Yanbu that have become major industrial hubs.

Royal HaskoningDHV UK and Hyundai Engineering & Construction have been selected to perform the Front-End Engineering Design (FEED) for the infrastructure of the complex. Furthermore, Falih said other partnerships will be forged such as with U.S. Mcdermott company which will make offshore platforms.