December 03, 2008

Hyundai secures major construction contract in Qutar

Arabian Business reported that South Korea's Hyundai Engineering & Construction Company has received contracts worth QAR 1.9 billion to build power generation facilities.

One of the contracts is worth USD 201 million and will involve the construction of seven substations in 30 months, while the other is a USD 100 million power cabling deal, to be carried out over 23 months.

The deal brings the total value of Hyundai’s orders in the Middle East and Singapore so far this year to US 1.5 billion. Among its power projects in the UAE are the USD 700 million deal, awarded by DEWA in March 2006, for the construction of the ‘L' power station in Jebel Ali.

Hyundai is also working on a US 1.5 billion turnkey dredging contract in consortium with Archirodon Construction (Overseas) and Boskalis Westminster Middle East for the Khalifa Port and Industrial Zone, Abu Dhabi's new multi billion dollar commercial and industrial port development.

In December 2007, Hyundai won a USD 680 million contract from the Libyan government to build a power plant near Tripoli.