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NEOM News

The latest news and information about NEOM, ENOWAOXAGONTHE LINE, TROJENA and other NEOM related projects

Korean companies in lead to help build $500 billion Saudi city

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