Hyundai Construction Kicks Off New Year with Overseas Order in Saudi Arabia Worth 126.4 Billion KRW

Contract Awarded for 380kV Transmission Line Construction between Saudi Hail Substation and Al-Jouf Substation

[Asia Economy Reporter Yuri Kim] Hyundai Engineering & Construction announced on the 12th that it officially signed a contract on the 10th (local time) for the 380kV transmission line construction between Hail Substation and Al Jouf Substation in Saudi Arabia. The project is valued at $109.94 million (approximately 126.4 billion KRW).

This project, commissioned by the Saudi Central Electricity Authority (SEC-COA), involves constructing an extra-high voltage transmission line connecting the 375km section from Hail in north-central Saudi Arabia to Al Jouf. Construction began in January this year, with completion targeted for October 2022. The total construction period is 22 months.

This is also Hyundai Engineering & Construction's first overseas order in 2021. Hyundai E&C stated, "Despite the sluggish construction market due to the COVID-19 pandemic, we have achieved a meaningful result." They view this order as recognition of their technical capabilities and accumulated execution experience. Therefore, it is expected that Hyundai E&C will secure a favorable position in future Saudi electricity authority projects.

Last year, despite difficulties in the overseas construction order market due to COVID-19 and low oil prices, Hyundai E&C secured projects such as the Panama Metro Line 3 and Qatar Lusail Tower, recording a total overseas order amount of $6.45462 billion according to the Overseas Construction Association standards. Hyundai E&C said, "This year, we will continue to enhance our overseas competitiveness and strive to become a leading company in the global construction market through new market entry, renewable energy, and eco-friendly projects."

Meanwhile, since entering Saudi Arabia in 1975 with the Jubail Industrial Port project, Hyundai E&C has secured a total of approximately 156 projects worth about $17 billion, including the Ma’aden Alumina Refinery construction. In particular, in transmission and substation projects, they have successfully completed 30 transmission line projects and 23 substation projects.

Currently, Hyundai E&C is executing six projects worth $3 billion in Saudi Arabia, including the Majan Development Program PKG 6 and 12 projects.

This content was produced with the assistance of AI translation services.