A construction boom in the Middle East is coming as oil-producing countries aim to build facilities and plants that help them go carbon neutral and Korean companies are leading the charge.
HanmiGlobal, a construction project management company, won a 2.6 billion won ($1.98 million) deal to manage a part of the NEOM City construction. The company will manage overall construction of THE LINE area of the city, a residential area. More contracts are up for grabs, and Hyundai Motor and its subsidiaries is another a big contender.
A consortium between Hyundai Engineering & Construction and Samsung C&T won a deal to build a railway tunnel at NEOM City in June. Although both companies couldn’t disclose the amount of the deal, media reports indicate it is around $1 billion.
Other construction companies, such as China’s State Construction Engineering Corporation and India’s Larsen & Toubro, participated in the bid, but lost to the two Korean companies.
Read the full story at Korea JoonAng Daily