[Special Stock] Saudi Crown Prince's Visit to Korea and Order Expectations... Hyundai Construction Up 9%

[Asia Economy Reporter Lee Seon-ae] Hyundai Engineering & Construction is showing a strong gain of over 9% during the afternoon trading session amid expectations of a visit to Korea by Crown Prince Mohammed bin Salman of Saudi Arabia. This is interpreted as optimism that domestic companies, including Hyundai Engineering & Construction, will have opportunities to participate in the 'NEOM City' project, the world's largest construction project currently underway in Saudi Arabia, valued at 650 trillion won.

As of 2:06 PM on the 10th, Hyundai Engineering & Construction is trading at 47,000 won, up 9.05% from the previous trading day.

According to related industries, the government is pushing to hold a Korea-Saudi Arabia summit around November. At this summit, the 'NEOM City' construction project worth 650 trillion won and a local nuclear power plant procurement project are expected to be major agenda items.

Expectations that domestic construction and nuclear power companies can participate have led to a buying spree in related stocks. Currently, leading global construction firms are participating in the NEOM City bidding, and domestically, Samsung C&T and Hyundai Engineering & Construction have formed a consortium and secured tunnel construction contracts.

NEOM City is a project led by Crown Prince bin Salman to build a city (NEOM City) on a 26,500 km² site near the Red Sea in the northwest, which is 44 times the size of Seoul. The total investment amount reaches 500 billion dollars (approximately 650 trillion won).

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