South Korean Builders’ overseas contracts increasing fast

September 29, 2022

Korean construction companies won overseas contracts worth US$22.4 billion for the first nine months of this year, up 28.7 percent from a year ago.

The International Contractors Association of Korea announced on Sept. 27 that South Korean construction companies’ new overseas contracts for the first nine months of this year add up to US$22.4 billion, up 28.7 percent from a year ago, and the volume increased by more than US$10 billion in the third quarter.

On Sept. 23, Doosan Enerbility signed a US$384.95 million contract in Saudi Arabia for the Jafurah Cogeneration Plant. A week earlier, Hyundai Engineering & Construction won a US$1.334 billion urban railway project in the Philippines. In July, Samsung C&T signed a US$1.91 billion contract for Samsung Electronics foundry construction in Taylor, Texas.

According to market research firm IHS Markit, the global construction market is expected to grow 5 percent to US$11.5265 trillion this year and the Middle Eastern market is expected to grow 10.2 percent from US$403.4 billion to US$444.6 billion in the same period. The association also pointed out that the Middle East is likely to keep leading the overall market growth for a while with oil-producing countries’ fiscal conditions considerably improved based on high oil prices.

Source: BusinessKorea