This undated file photo provided by GS Engineering & Construction shows the Fadhili gas plant in Saudi Arabia. (Image courtesy of Yonhap)
SEOUL, Jun. 11 (Korea Bizwire) — Domestic construction companies’ combined orders from the Middle East amounted to nearly US$10 billion so far this year, recording stellar growth from 2023, industry data showed Tuesday.
According to the data from the International Contractors Association of Korea, domestic builders’ project orders from the Middle East amounted to $9.98 billion during the January-May period, logging an over sixfold jump from the $1.5 billion tally during the same period last year.
The strong on-year growth was attributed to Samsung E&A Co., previously known as Samsung Engineering Co., and GS Engineering & Construction Co. winning a $7.3 billion project in Saudi Arabia in April.
Backed by the strong performance in the Middle East, the total overseas orders of domestic builders between January and May amounted to $13.64 billion, recording the biggest tally for the period since 2020.
The association, however, noted overseas orders may begin to show negative on-year growth this month due to a base effect stemming from a $5.07 billion order secured by Hyundai Engineering & Construction Co. in June of last year.
(Yonhap)
