The Saudi government has awarded a $30-million contract to Hyundai Elevator for the installation of its escalators in Security Forces Medical City, a large-scale medical complex under development in Riyadh.

Under the latest contract, Hyundai Elevator will supply its products in stages from the third quarter this year to the end of 2018, reported Business Korea, citing a company spokesman.

"Saudi Arabia is a main market of our globalisation strategy. So, it is meaningful in that we bagged the deal at the moment when the economy of the Middle East is contracted due to lower oil prices," he added.

Hyundai Elevator said after proving its excellence in quality to the Saudi Arabian government by clinching this contract, there is scope for winning another elevator deal in the second complex to be built in Jeddah in the future, the report added.