As of the end of April this year, the cumulative overseas construction orders of domestic construction companies have decreased by 20% compared to the same period last year.

The Saudi Arabia "NEOM City project" is scaling back due to falling oil prices, and the new nuclear power project in the Czech Republic, which was expected to secure orders in the first quarter, is facing legal issues, casting a shadow over the goal of achieving $500 million in overseas orders this year.

Kim Hwa-rang, a deputy research fellow at the Construction Industry Research Institute, noted, "Saudi Arabia is in a mood to adjust the amount originally intended for infrastructure investment as it becomes difficult to cover construction costs due to the continuous drop in international oil prices," adding, "In particular, I understand that Sungshin Cement, which was supplying ready-mix concrete to the consortium of Samsung C&T and Hyundai E&C, which secured the 'Learning Tunnel Construction' project in Saudi NEOM City, has stopped its local plant and reduced its workforce this year."

Additionally, Saudi Arabia is rapidly changing its market environment by restricting the participation of companies without regional headquarters (RHQ) in government-published projects, expanding public-private partnership (PPP) projects, and strengthening localization policies.

Read the full story at Chosun Biz