SEOUL, Jan. 26 (Korea Bizwire) — South Korean builder Samsung C&T Corp. will build modular homes in Saudi Arabia, the land and transport ministry said Wednesday.
Land Minister Won Hee-ryong on Tuesday held a meeting with Yasir bin Al-Rumayyan, Governor of the Public Investment Fund (PIF), in Saudi Arabia with both parties signing a memorandum of understanding (MOU) concerning cooperation on modular construction between Samsung C&T and the PIF, according to the ministry.
This MOU is a concretized version of an earlier MOU signed at the Korea-Saudi Arabia Investment Forum, which was attended by South Korean President Yoon Suk-yeol and Saudi Arabian Crown Prince Mohammed bin Salman.
Samsung C&T will be responsible for building and operating modular homes and construction facilities, securing a foothold to make a foray into the Middle East’s megaprojects such as the Neom City project.
Modular construction refers to the factory-based production of standardized components for more than 70 percent of structures and then assembling them and finishing interior and exterior building materials at the construction site.
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