[Let's Run Again K Construction] Hyundai Construction Solidifies Position in the Middle East... Construction Amount Reaches 104 Trillion Won

Performed 445 Construction Projects in 16 Countries
Secured $1.04 Billion in Orders by November This Year
Accounts for 38.8% of Total Overseas Revenue

The photo shows the main bridge of Kuwait's 'Sheikh Jaber Causeway,' completed by Hyundai Engineering & Construction. It is an ultra-long sea bridge with a total length of 36.1 km.

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering & Construction is proving its capabilities by securing various projects in the Middle East beyond Qatar. To date, it has carried out a total of 445 construction projects in 16 countries. The total contract amount reaches $78.148188 billion (approximately 104 trillion KRW).

This year, it secured $1.044149 billion in contracts up to November. The Middle East accounts for 38.8% of all overseas orders. Historically, the Middle East share was 56.2%, exceeding half of the total overseas contract performance. In 2019, out of $4.1 billion, $3 billion was secured in the Middle East, accounting for 73% of the total.

Kuwait is one of the major clients that values Hyundai Engineering & Construction. Since its first entry in 1977 with the 'Shuwaibah Port Expansion Project,' it has built national facilities such as roads, oil refineries, power desalination, and transmission substations for 45 years. A total of 64 projects worth $12.2 billion have been completed, earning the nickname 'National Infrastructure Partner.' The 'Kuwait Sheikh Jaber Causeway' sea bridge, completed in April 2019, is considered a masterpiece of Hyundai Engineering & Construction. This bridge crosses Kuwait City, the capital of Kuwait, and Kuwait Bay, connecting the Subiya New Town area, with a total length of 36.1 km, making it an ultra-long sea bridge.

The Bosphorus Third Bridge in Turkey, opened in August 2016, is regarded as one of Turkey's landmarks. Connecting Sarıyer Garip?e in Europe and Beykoz Poıra?cı in Asia, this bridge was a massive project involving over 400,000 workers annually. Hyundai Engineering & Construction completed the construction in 3 years and 2 months. The two main towers stand 322 meters tall, taller than the Eiffel Tower in Paris, France (300 meters), and it boasts the longest height among existing cable-stayed and suspension bridges.

The world's largest observation wheel, Ain Dubai, also bears Hyundai Engineering & Construction's touch. Opened in October last year, Ain Dubai is twice the height of the UK's 'London Eye.' Standing 258 meters tall with a diameter of 250 meters, it is listed in the Guinness World Records. From groundbreaking in May 2013 to completion in August 2021, the large-scale project took eight years, during which Hyundai Engineering & Construction was responsible for the entire observation wheel and related auxiliary facilities. They secured the project through an Engineering, Procurement, Construction, and Installation (EPCI) contract, successfully managing the entire construction.

In Saudi Arabia, Hyundai Engineering & Construction is solidifying its position by leveraging Aramco, the world's largest energy company and a state-owned enterprise. Since its first entry in 1979 with the Yanbu Natural Gas Liquefaction Plant offshore berth project, it has steadily carried out various projects ordered by Aramco, including the Karan Gas Field development project and the Marjan offshore gas-oil separation facility. Building on this, it has secured an exclusive status that grants preferential treatment in direct contracts and bidding incentives for future new projects.

A Hyundai Engineering & Construction official stated, "With the recent rise in international oil prices, construction projects in the Middle East are expected to resume in earnest. We will strengthen our firm position in the Middle East construction market and enhance the status and presence of K-Construction's leading company through continuous contract activities."