Saudi Aramco plans to complete a planned ship repair and fabrication yard at Ras al-Khair in the Eastern Province of Saudi Arabia, by 2021, according to the state oil company’s CEO.

Amin Nasser told reporters in Dhahran that the first phase would be operational in 2018 and the complex would eventually manufacture oil rigs and tankers.

Aramco said the complex would create 80,000 jobs and allow Saudi Arabia to reduce its imports by $12bn and increase its GDP by $17bn, Reuters reported.

MEED revealed in 2013 that Aramco was planning a $4bn ship repair and fabrication yard with a South Korean partner at Ras al-Khair.