Deal in Strategic Market

An aerial view of Security Forces Medical City.
An aerial view of Security Forces Medical City.

 

An aerial view of Security Forces Medical City.
An aerial view of Security Forces Medical City.

 

Hyundai Elevator Co. announced that it recently won a US$30 million deal from the Saudi Arabian government to install elevators and escalators in Security Forces Medical City, a large-scale medical complex currently under development in capital city Riyadh.

The deal has much meaning since the company gained recognition for its technology and quality excellence in the competition with global companies, such as ThyssenKrupp AG, KONE Corp., Otis Elevator Co. and Schindler Holding Ltd.

An official from Hyundai Elevator said, “Saudi Arabia is a main market of our globalization strategy. So, it is meaningful in that we bagged the deal at the moment when the economy of Middle East is contracted due to lower oil prices.” In particular, the company’s own technology in energy reduction system and optimized elevator hoistway and network surveillance system that prioritizes users’ convenience earned favorable reviews.

With the latest contract, Hyundai Elevator will supply its products in stages from the third quarter this year to the end of 2018. A Hyundai Elevator official said, “As the company proved its excellence in quality from the Saudi Arabian government through the deal, it will be able to win another elevator deal in the second complex to be built in Jeddah in the future.”

 

Copyright © BusinessKorea. Prohibited from unauthorized reproduction and redistribution