Hyundai Construction Wins 220 Billion KRW Contract for Kuwait Shuwaikh Port Construction
Over 2 Trillion Won in Overseas Project Orders in One Week
Hyundai Construction 70% Stake Worth Approximately 154 Billion Won
[Asia Economy Reporter Cha Wanyong] Hyundai Engineering & Construction has won a port construction contract worth 220 billion KRW in Kuwait. This follows last week's contract win for a 1.9 trillion KRW railway project in the Philippines. With this, Hyundai Engineering & Construction has secured overseas projects totaling over 2 trillion KRW in just one week.
On the 20th, Hyundai Engineering & Construction announced that it received a Letter of Award (LOA) from the client, Kuwait Ports Authority, for additional construction and renovation work at Shuwaikh Port.
The Shuwaikh Port project involves improving and expanding approximately 1.3 km of the existing port. The contract amount is 160 million USD (220 billion KRW), and the construction period is 36 months.
Hyundai Engineering & Construction is participating in the project as a joint venture with Gulf Dredging, a local specialist company in dredging. Hyundai Engineering & Construction's share of the project is 70% of the total, amounting to 154 billion KRW.
Hyundai Engineering & Construction secured this project by employing a bidding strategy that leveraged local resources, gaining recognition for its price competitiveness and execution capability. This also positions the company advantageously for numerous future port construction projects to be ordered locally.
Located near the southwest of the capital, Kuwait, Shuwaikh Port is a key industrial complex adjacent to Kuwait Bay. It is Kuwait's largest port and a free trade zone where most manufacturers are concentrated. Hyundai Engineering & Construction plans to contribute to revitalizing Kuwait's logistics and economic development by improving the aging port facilities and constructing a total of seven new berths, including six general cargo berths and one bulk cargo berth.
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A Hyundai Engineering & Construction official stated, “Winning the Kuwait Ports Authority project has proven Hyundai Engineering & Construction's differentiated bidding strategy and excellent technical capabilities. Based on this, we will do our best to secure follow-up projects aimed at improving Kuwait's logistics industry.” He added, “Through continuous overseas contract activities, we will enhance the status and position of K-Construction as a leading global company accumulated in the global market.”
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