$20B Worth New City Project
The Daewoo E&C Consortium made a presentation on making a master plan for a new Saudi Arabian city project in Dubai on May 12.
The project jointly conducted by the Saudi government and the Daewoo E&C-Hanwha E&C-SAPAC Consortium aims to build Dahyat Alfursan New City in an area 12km east of the airport of Riyadh, the capital of the kingdom. The new city will be build on 40-square-meter land. In March of last year, the consortium signed an MOU with the Saudi Housing Department and since then, has drawn up detailed plans for the project.
Its total budget is estimated at US$20 billion. The project be expected to be the largest overseas construction order in the history of Korea when details of the project are confirmed.
This presentation, which was made for the Saudi Housing Department, disclosed the master plan, architectural design, and business plans of the project.
"We will confirm the business plan and sign a construction contract as soon as possible by supplementing new issues such as the application of smart technology which was brought up during the presentation," a Daewoo E&C representative said, adding, "We will build the best new city preferred by the Saudi people. Based on this, we are planning to clinch more orders from neighboring Middle Eastern and North African regions, which are suffering from the same housing supply problem."