Wednesday 29 May 2024

Korean contractors snap up $2.4bn Middle East orders

SEOUL, April 17, 2024

The Middle East region accounted for the largest share of overseas construction orders won by Korean construction companies during the first quarter of the year, reported Business Korea. 
A total of 183 Korean construction companies won 171 orders in 63 countries around the world in the first quarter of this year, with a cumulative overseas order value of $5.52 billion, stated the report citing the International Contractors Association of Korea (ICAK).
"The amount of orders fell by 9.6% compared to the same period of 2023 as projects in Saudi Arabia, Turkmenistan, Oman and the UAE, which had been expected in the first quarter, were carried over to the second quarter," said an ICAK official. 
"However, despite the slow growth of the global economy and certainty of US dollars, international oil prices remained at a high level due to production cuts by Opec countries and others and Korean builders attained positive business results by winning orders for Saudi-Qatar industrial facilities ($1.84 billion) and battery plants ($1.33 billion) thanks to the IRA in the United States," he stated.
These included fixed offshore platform for Al Shaheen Field in Qatar ($1.15 billion), an SEPC ethylene plant in Saudi Arabia ($500 million), Mana 1 Solar Power Plant in Oman ($130 million), and the Creek Waters Housing Project in the UAE ($220 million), he added.


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