According to the International Contractors Association of Korea (ICAK) on Dec. 25, the total value of construction contracts in the Middle East, including Saudi Arabia and the United Arab Emirates (UAE), has reached US$8.38 billion from the beginning of the year to the end of November this year, marking an approximately 11 percent increase compared to the same period last year, when it amounted to US$7.53 billion. The Middle East remains a significant and lucrative market for overseas construction projects, accounting for around 30 percent of the total.
Leading South Korean construction companies such as Samsung C&T, Hyundai Engineering & Construction, and Samsung Engineering are increasingly tapping into the Middle East, scoring successive jackpots in contract awards, fueling expectations of a “New Middle East Boom.” In Saudi Arabia alone, amid preparations for major events like Expo 2030 and the FIFA World Cup in 2034, every neighborhood of the capital city Riyadh becomes a construction site. Additionally, construction has been commissioned in TROJENA, the mountainous city at the center of NEOM City where the 2029 Winter Asian Games are scheduled to take place.
Expectations for securing contracts are also high, given the Saudi government’s pursuit of 17 “Giga Projects,” or large-scale development initiatives, including NEOM City.
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