2007 News Story

Korean construction contracts expected to top $3 billion in 2007

Korean construction orders in Saudi Arabia are expected to top $3 billion this year, Korean Construction and Transportation Minister Lee Yong-sup told reporters in Riyadh today.

Lee, who is in Riyadh as part of President Roh Moo-hyun official delegation on his three-day official visit to Saudi Arabia, told reporters that in 2006, Korea was the world's biggest winner of Saudi construction orders, with its annual volume of orders totaling $3.6 billion. “President Roh's ongoing visit is expected to provide further momentum to Korean contractors' business activities in Saudi Arabia," Lee said.

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz and President Roh held a summit in last night during which they discussed, among other items, ways to enhance cooperation between the two countries.

According to Minister Lee, Hyundai Heavy Industries is scheduled to sign a formal contract in April with Saudi Arabia's Marafiq for the construction of a $1.1 billion power plant.  Daelim Industrial signed a letter of intent with Kayan, a subsidiary of Saudi Basic Industries Corp., for the construction of a $1 billion polycarbonates production plant.  Samsung Engineering has obtained an order from Kayan for a $330 million petrochemical plant in March.  Hanwha Construction signed a $500 million order with Safra Co. Ltd. in February for the construction of petrochemical plant.