Saudi Arabia’s state-owned oil company Aramco called off a plan to expand Safaniya Oil Field, putting a damper on Hyundai E&C’s plan to reach its annual overseas order goal. The company has set a target of 6.3 trillion won for overseas orders this year.According to sources in the Korean construction
Much attention is paid to geopolitical risks in the Middle East, which have accounted for the largest share of overseas construction orders to Korean construction companies in the first quarter of this year.A total of 183 Korean construction companies won 171 orders in 63 countries around the world
Samsung E&A (formerly known as Samsung Engineering) has announced its first overseas order from Saudi Arabia after changing its name.Samsung E&A announced on April 3 that it held a signing ceremony with Saudi Arabia’s national oil company Aramco for the Fadhili Gas Increment Program’s Packages 1 and
GS Engineering & Construction(GS E&C) announced on April 3 that it has secured a contract for the Fadhili Gas Increment Program Package 2, specifically for the sulfur recovery processing facilities construction, ordered by Saudi Aramco, the state-owned oil company of Saudi Arabia. The contract is va
Naver Team announced on March 5 that it signed a partnership with Aramco Digital, a subsidiary of Saudi Aramco, to foster digital innovation in the Middle East and North Africa (MENA) region, including Saudi Arabia.Through this agreement, both parties aim to establish a sovereign cloud and super app
The Export-Import Bank of Korea (Korea Eximbank) announced on Jan. 25 that it will establish and operate a “Saudi Desk” to support projects in the Middle East, including Saudi Arabia. The Saudi Desk of Korea Eximbank is expected to play a specialized role in handling business related to projects in
Domestic construction companies have shown a consecutive two-year increase in the amount of construction projects secured overseas, riding an upward trend.According to the International Contractors Association of Korea (ICAK) on Jan. 22, the total value of construction projects secured by domestic c
Korea Water Resources Corporation (K-water) participated in CES 2024 held in Las Vegas, Nevada, the U.S., from Jan. 9 to 12. It was joined by 19 partner companies, collectively providing opportunities for global market expansion.K-water’s booth attracted numerous global buyers, investors, accelerato
Hak Cheol Shin, CEO of LG Chem, has been selected as one of the top 100 economic leaders representing the World Economic Forum (WEF). At this year’s forum, CEO Shin will meet with global clients and partners to discuss collaboration strategies for managing the global supply chain and overcoming the
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, mar
With the decision to select the host of the 2030 World Expo only 20 days away, Korean companies that have been making all-out efforts to support Busan’s bid are making a last-ditch effort to help the Korean port city punch its ticket to host the World Expo in 2030 on Nov. 28 (local time).According t
The operating profit of Hyundai Motor Group’s 11 listed companies in the third quarter of this year increased by more than double compared to the same period last year.According to the Financial Supervisory Service’s electronic disclosure system on Nov. 1, the 11 listed companies within Hyundai Moto
During his six-day state visits to Saudi Arabia and Qatar, President Yoon Suk-yeol secured business contracts totaling $202 billion (27.3 trillion won). With these trips, he concluded his diplomatic rounds with the “Big 3” Middle Eastern countries, which began with a visit to the United Arab Emirate
Hyundai Engineering, in collaboration with Hyundai E&C, has secured a colossal project in Saudi Arabia worth US$2.3 billion for the expansion of a major gas plant.On Oct. 23 (local time), at the NEOM Exhibition Hall in Riyadh, Saudi Arabia, during the 50th Anniversary Celebration of Korea-Saudi Cons
On Oct. 22 (local time) in Riyadh, Saudi Arabia, the Korea Electric Power Corporation (KEPCO) announced that it had signed a contract with Saudi energy companies to collaborate in the hydrogen ammonia and grid sectors.Through this agreement, KEPCO, along with POSCO Holdings and Lotte Chemical, has a
During President Yoon Seok-yeol’s state visit to Saudi Arabia, a total of 46 memoranda of understanding (MOUs) and contracts were signed at the 2023 Korea-Saudi Investment Forum. This signifies a boost in economic cooperation between the two nations across various industries, including electric vehi
Korea National Oil Corp. (KNOC) has signed an international joint stockpiling agreement to store 5.3 million barrels of crude oil from Saudi Arabia’s state oil company Aramco in Korea.On the occasion of President Yoon Suk-yeol’s visit to Saudi Arabia, KNOC announced on Oct. 22 that it signed the cru
HD Korea Shipbuilding & Offshore Engineering (KSOE) said that it is considering securing overseas shipyards to reduce costs and procure abundant human resources.“We need to think about how to maintain our market share and run our business in the long term,” Park Seung-yong, chief operating officer (
Korea and Saudi Arabia have agreed to expand cooperation in the biotech, gaming, and automotive sectors while implementing existing economic cooperation tasks in infrastructure.The Ministry of Trade, Industry and Energy (MOTIE) announced the agreement at the Four Seasons Hotel in Seoul, during the f
Lee Jae-Yong, Chairman of Samsung Electronics; Chey Tae-Won, Chairman of SK Group; and the heads of other top 10 Korea-based conglomerates are projected to visit Saudi Arabia next month.According to industry sources on Sept. 14, Won Hee-ryong, minister of land, infrastructure, and transport, is cons