Hyundai Engineering & Construction(HDEC) announced on the 25th that it has won orders worth $28 billion, equivalent to 20% of the total orders received over half a century of entering Saudi Arabia, including the second-stage expansion of the Jafurah gas processing facility, the Amiral project, and the Neom-Yanbu ultra-high voltage direct current transmission line.
Domestic construction companies' total construction work in Saudi Arabia is over $160 billion. This amount equals 17% of the complete accumulated overseas orders (total of $954 billion).
HDEC has carried out 170 construction projects worth approximately $28 billion in Saudi Arabia alone. The order amount equals around 18% of the Saudi construction market.
HDEC led the Middle East construction boom in the 1970s by constructing the Jubail Industrial Port, called 'The Greatest Building of The 20th Century' in 1976, during the era of its founder and chairman, Chung Ju-young. The total contract value of $960 million was equivalent to one-quarter of our country's national budget.
Since then, Saudi Arabia's foremost infrastructure, including ports, desalination facilities, highways, and the Ministry of the Interior, has been built.
HDEC also stood out in Saudi Arabia's oil refining, petrochemical, and gas fields. Beginning with the construction of the Yanbu Natural Liquefaction Plant marine berth in 1979, the construction of the Khurais Gas Processing Facility ($800 million, completed in 2009), the Karan Gas Processing Facility ($1.4 billion, completed in 2012), and the Uthmania Ethane Recovery and Treatment Facility. ($800 million, completed in 2019).
Domestic petrochemical facilities, which will build the largest petrochemical facility in the industry's history, are being built in Ulsan, Korea. HDEC is constructing facilities such as △The Marjan oil processing facility and gas processing plant auxiliary facility construction ($2.8 billion, scheduled to be completed in 2024) △Jafurah utility, and additional facility construction ($1.6 billion, expected to be completed in 2025). HDEC is strengthening its cooperation through the Shaheen Project (scheduled for completion in 2026).
Previously, in July last year, it was selected as a negotiation partner in Aramco's construction EPC sector through Aramco's mid-to-long-term growth project Nammat program. Last June, the company won an order for the Amiral project worth $5 billion, achieving the most considerable order amount since entering Saudi Arabia.
HDEC also participates in the 'Neom City' project, part of the Saudi government's oil-free, high-tech, and eco-friendly national policy. Since 2022, HDEC has won an order to construct an underground tunnel in the linear city 'The Line' area of Neom City. HDEC is building by forming a consortium with Samsung C&T and Greece's Archirodon.
HDEC official said, "HDEC plans to continue K-Construction's Middle East Boom into the 'Post-oil' era as HDEC expects opportunities to participate in cutting-edge new businesses and additional orders for Neom City through the Yoon Seok-yeol government's Korea-Saudi economic diplomacy."
The link to the Korean version of this article link is below.
▷현대건설, 사우디 진출 반세기...누계 수주액 280억 달러 달성
By_BK Min, KDFN kdf@kdfnews.com
