Hyundai International, Atlantis Global sign agreement

Hyundai International, a Hyundai Group company, and Atlantis Global Enterprises, the trading arm of the UAE-based Planet Core Group, have signed an agreement to jointly work on trading in precious metals, iron ore and scrap metal.

According to the Memorandum of Understanding signed by the two companies, Korea-based Hyundai International will leverage Atlantis Global's sourcing and supply network in the Middle East and African region to cater to Hyundai’s requirements across its shipping, automobile, railway, steel, metal, energy and petrochemical businesses. Hyundai International will source ferrous scrap, iron ore and precious metal for its various group companies globally from Atlantis Global.

Jeom Ho Kim, CEO of Hyundai International, says, "Hyundai International is focused on constantly creating new growth engines, and in this endeavor I am delighted to partner with a credible company like Atlantis Global to expand our footprint in the MEA region and for various supply requirements of our group companies.”

“I am confident that Hyundai's global expertise, coupled with Atlantis Global's strong sourcing capabilities in the Middle East and Africa, will result in a successful partnership. Atlantis Global's market penetration will be instrumental in marketing Hyundai's capital goods, earth-moving and construction equipment in the Middle East and Africa," Kim adds.

In announcing the deal, the two companies report that they will be jointly exploring trade opportunities in the construction steel supply market in the Gulf Cooperation Council (GCC) and African countries.

The two companies will be focusing on the region's steel market, which is estimated to grow up to 70 million metric tons of volume by 2020. Atlantis also will be directly marketing earth-moving equipment manufactured by Hyundai in the GCC and developing African countries.

Dilip Kulkarni, CEO of Atlantis Global, says, “The partnership allows both organizations to establish a robust general trading network where we can leverage each other's geographical reach, sourcing capabilities and project execution skills. Hyundai Group companies are market leaders in their respective sectors, and Atlantis Global is delighted to join hands with them to cater to their ever-growing raw material consumption needs. This partnership paves way to a new revenue stream for the company apart from the existing institutional business and trade across IT, agro and metal sectors.”