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Update on Korean and NEOM construction projects - new orders expected

The domestic construction industry expects that the number of plant construction orders from Saudi Arabia and other Middle Eastern oil-producing countries will increase this year due to high oil prices. However, geopolitical instability, such as the expansion of the war in Gaza, and the practice of ordering in Middle Eastern countries, which are difficult to make profits, are still considered to be cautious.

According to the construction industry on the 3rd, additional orders are expected in Saudi Arabia for water treatment facilities and petrochemical plant construction, including NEOM City's "THE LINE."

In the case of the NEOM City development project, it is a future new city project built in the desert near the Red Sea in northwestern Saudi Arabia. With a scale of 26,500 square kilometers, 44 times the size of Seoul, the total project cost is expected to continue to increase, exceeding $500 billion (about 650 trillion won).

As a core project of the "Vision 2030" being pursued by Crown Prince Muhammad bin Salman, Saudi Arabia is pushing for the goal of transforming Saudi Arabia's economic structure centered on oil production into high-tech manufacturing and tourism.

Korea and NEOM

Samsung C&T and Hyundai Engineering & Construction are currently carrying out construction of a 28km-long underground railway tunnel. As orders for the remaining 150km section are also ahead, domestic companies are expected to participate. Samsung C&T is also aiming to win modular housing orders for NEOM City construction employees. It has already set up a modular home manufacturing plant there. Hyundai Engineering & Construction is also awaiting results after bidding for a $1 billion Spine Tunnel project in NEOM City.

In the future, more than 10 construction packages, including cruise ship docks, are expected to be ordered in NEOM City as well as transportation infrastructure.

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