400,000 Workers Next Year
As Saudi Arabia urges Korean companies to participate in investments in the future city project NEOM with a total project cost of US$500 billion (about 645 trillion won), expectations for large-scale orders are growing in the Korean construction equipment industry including Doosan Bobcat, HD Hyundai Infracore, and HD Hyundai Construction Equipment.
The NEOM Project began full-scale construction work in 2022 after four years of planning, according to industry sources on Aug. 2. The number of workers on site is already 60,000, and basic construction such as groundwork is in full swing.
In addition, Korean construction equipment is also playing a role, with more than 6,000 pieces of construction equipment in use at NEOM construction sites as of the end of last year. They were excavators, bulldozers, and loaders with Korean brands such as Doosan and HD Hyundai, officials said.
The number of construction workers is expected to rise to 400,000 next year, and related equipment is also expected to expand on a large scale.