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Ssangyong E&C, SK E&C and Samsung Engineering Dominate the UAE Market
On November 9, Gulf News, a UAE-based newspaper covering news from the Arabian Gulf, reported on the active roles Korean contractors play in the UAE.
In a feature article introducing the three major Korean contractors of Ssangyong E&C, SK E&C, and Samsung Engineering, the newspaper reported that, based on years of expertise in construction and infrastructure engineering, Korean contractors are creating a “Korean Wave” in the UAE’s construction market.
In March 2018, President Moon Jae-in of the Republic of Korea visited the UAE and helped upgrade the bilateral partnership in the construction industry.
Currently, the UAE is Korea’s second largest construction market after Saudi Arabia. Korea’s construction contracts with the UAE total USD 80 billion thus far.
“Korean contractors have steadily developed their expertise in high-end construction, infrastructure engineering, airport construction, and intelligent transport systems, as manifested by our winning of EPC contracts for UAE’s Smart City projects, Sang Yub Lee, head of Ssangyong E&C’s Dubai branch, noted.
Ssangyong E&C is a leading Korean contractor in charge of the construction of the Royal Atlantis Resort and Residences. The company also played a significant role in the same city’s Wasl 1 development.
“Seen from the sky, the entire structure is S-shaped, but seen from the front, it looks like a set of intricately stacked Lego blocks,” Lee said. “Expo 2020 Dubai was postponed until 2021. By the time the expo opens, this unique and irregularly shaped building will undoubtedly have become a global landmark.”
Meanwhile, Wasl Asset Management Group’s impressive “1 Residences” consists of two towers connected by a bridge on top. The site is located near Zabeel Park and Sheikh Zayed Road. The project is part of a master project that includes the construction of other residence towers.
Another Korean contractor creating new waves in the UAE is SK E&C, a globally renowned company in the field of plant construction. It has been more than a decade since the company won the Ruwais Refinery Expansion Project Package-1 and the Bab Gas Compression Station Project.
“In the energy field at home and overseas, we have amassed an unprecedented track record in terms of high quality and safety as well as low-cost and high-efficiency plant construction. Based on such experience, we are continuing to pursue new projects, serving as the best possible business partner for our clients,” said Sam Hwang, General Manager at SK E&C.
In 2017, SK E&C secured the M Project (an oil storage facility construction project). When the project is completed, the emirate of Fujairah will be home to three underground bunkers that can hold up to 42 million barrels of oil, the largest single oil storage facility in the world.
Another prominent company is Samsung Engineering, which has played an important role not only in the UAE’s construction industry but also in the country’s energy value chain. Since 2007, the company has been working on 10 separate projects totaling USD 14 billion. Its main focal point is Al Ruwais, home to the UAE’s largest integrated oil refinery and petrochemical complex.
Samsung Engineering is expanding partnerships with local manufacturers and subcontractors as well as the UAE’s railway company. Above all, the company and its partners are striving to help overcome the global pandemic through diverse efforts, including the donation of COVID-19 self-testing kits to the UAE Ministry of Health and Prevention.