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Hanwha, Daewoo win $20bn Saudi residential project

KSA Business

A consortium including Korean group Hanwha Engineering & Construction has won a $20 billion project to build 100,000 homes in Saudi Arabia, said a report.

The housing development plan will mark the largest ever project that a Korean builder has clinched from a foreign country, according to the Korean Herald, citing company officials.

Hanwa joined the other consortium partners - Korea's Daewoo Engineering & Construction and leading Saudi builder Saudi Pan Kingdom for Trading, Industry & Contracting (Sapac) -  to sign the MoU with the Saudi Arabian Housing of Ministry for the new city development project.

“We will supply 100,000 houses and city infrastructure in Alfursan near the Riyadh International Airport and this will be a landmark deal for Korea’s overseas construction history in terms of the size,” a Hanwha E&C spokesman said.

The Saudi Ministry estimated last year that the kingdom’s lack of housing infrastructure would require three million new homes by 2025, based on projected growth of the population.

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