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Hyundai Elevator seeks to join NEOM project through Chinese subsidiary

Hyundai Elevator expressed optimism about possible participation in the mega project to build NEOM in Saudi Arabia via the company's Chinese subsidiary, which celebrated its 30th anniversary on Thursday.

The remarks came after Hyundai Group Chairwoman Hyun Jeong-eun met with NEOM CEO Nadhmi Al-Nasr last month at the Saudi Arabian state-run company's exhibition in Seoul, where Hyundai Elevator showcased its smart city technologies.

"It is expected to play a role as an outpost for the projects to build Saudi Arabia's NEOM smart city and Indonesia's new capital," said the elevator firm, which is participating in the government-led team of Korean companies seeking to win orders related to the overseas construction projects.

Founded in 1993 as a joint venture with a Chinese partner, Shanghai Hyundai Elevator was transformed into a fully owned subsidiary of the Korean firm in 2014. With an annual production capacity of around 25,000 elevators, escalators and moving walkways, the subsidiary has over 600 workers.

Read the full story at Korea Times