(MENAFN) Lamprell Plc LAM.L declared the launch of a joint venture for the construction of a shipyard on the Saudi Arabian eastern coast.
It stated that the joint venture begun working when a deal was secured for receiving a loan from the Saudi Industrial Development Fund (SIDF).
It follows the SIDF approval of granting USD1 billion funds for the joint venture, International Maritime Industries (IMI) to be launched.
The project is confirmed to be a joint venture between UAE's Lamprell, Saudi Aramco, Saudi Arabia's National Shipping Co (Bahri) and South Korea's Hyundai Heavy Industries Co.
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