Korean builder Hyundai Engineering & Construction Company has been awarded a 492 billion-won ($437 million) contract to develop a key road in Qatar, reported South Korea's Yonhap news agency.

As per the deal, Hyundai E&C will expand a 2.88-km six-lane street into an eight-lane thoroughfare besides building supplementary facilities, it stated.

The Qatar Public Works Authority has sent a Notice to Commence (NTC) to the South Korean builder, allowing it to start the project, said the Yonyap report, citing a company statement.

The duo will be officially signing the street expansion project contract next month.

The work is set to start next month and is expected to be completed within three years, it added.