Hyundai Engineering & Construction Scores Consecutive Wins in Saudi Arabia... Achieves 10 Trillion KRW in Orders This Year Alone

Since First Entry into Saudi Arabia in 1975, $28 Billion in Orders
Confirmed Status with Amiral Project and Jafurah Gas Field Orders

Hyundai Engineering & Construction is delivering consecutive contract wins in Saudi Arabia, including securing the ‘Jafurah Gas Processing Facility Phase 2 Expansion Project’ ordered by Saudi Aramco. The total contract value secured in Saudi Arabia this year alone amounts to $7.4 billion (10 trillion KRW).

In particular, since Hyundai Engineering & Construction first entered the Saudi construction market in 1975 with the naval base marine works project ($200 million), it has achieved cumulative contract wins equivalent to about 18% of the Saudi construction market over 50 years, solidifying its status as a leading Korean construction company in overseas markets.

On the 24th, Hyundai Engineering & Construction announced on the 25th that it signed the contract for the Jafurah Gas Processing Facility Phase 2 Expansion Project (worth $2.4 billion), reaching a total new project scale of 10 trillion KRW in Saudi Arabia this year. Previously, Hyundai Engineering & Construction had secured projects such as the Amiral Project and the NEOM-Yanbu Ultra High Voltage Direct Current Transmission Line Project.

Hyundai Engineering & Construction exerts the greatest influence among domestic companies operating in Saudi Arabia. Leading the Middle East construction boom in the 1970s by building projects such as the naval base marine works in 1975 and the Jubail Industrial Port in 1976, it has carried out a total of about 170 projects (worth approximately $28 billion) in Saudi Arabia to date.

By executing numerous projects including ports, desalination facilities, highways, and Ministry of Interior buildings, Hyundai Engineering & Construction has built key infrastructure in Saudi Arabia. Especially, through the trust of the Saudi Electricity Company, it has been responsible for about 70 transmission and substation projects across the vast Saudi desert, with the length of transmission lines constructed by Hyundai Engineering & Construction in Saudi Arabia reaching 20,000 km?enough to circle half the globe.

Hyundai Engineering & Construction has left a significant mark on the development of Saudi Arabia’s refining, petrochemical, and gas industries. Starting with the Yanbu offshore liquefied natural gas plant berth construction in 1979, it has executed projects such as the Khurais Gas Processing Facility ($800 million, completed in 2009), the Karan Gas Processing Facility ($1.4 billion, completed in 2012), and the Uthmaniyah Ethane Recovery Plant ($800 million, completed in 2019).

Currently, it is undertaking the Majan Oil Processing Facility and Gas Processing Plant ancillary facilities project ($2.8 billion, scheduled for completion in 2024), the Jafurah Utility and Ancillary Facilities project ($1.6 billion, scheduled for completion in 2025), and the Shaheen Project, which involves constructing the largest petrochemical facility ever built by the domestic petrochemical industry in Ulsan (scheduled for completion in 2026).

Considering that the total scale of construction work performed by domestic construction companies in Saudi Arabia amounts to $160 billion (based on the Overseas Construction Association’s October data), Hyundai Engineering & Construction’s cumulative contract value share in Saudi Arabia reaches 18%.

Hyundai Engineering & Construction is also participating in the ‘NEOM City’ project, a core project of Saudi Arabia’s ambitious ‘Vision 2030’ aimed at transforming the country into a post-oil, advanced technology, and eco-friendly nation. Since 2022, Hyundai Engineering & Construction has been awarded the underground tunnel construction contract in the linear city ‘The Line’ area of NEOM City and is carrying out the work as part of a consortium with Samsung C&T and Greece’s Archirodon.

Additionally, Hyundai Engineering & Construction has expanded cooperation in future business areas by signing agreements with the Saudi Ministry of Investment for real estate and infrastructure development, and by concluding MOUs with KT and STC, the largest telecommunications companies in both countries, for building data centers in Saudi Arabia and establishing digital infrastructure.

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