South Korean construction firm signs $270 million deal with Qatar

April 20, 2017

undefinedThis project will expand the number of lanes from 8 to 14, enlarge the highway by 4.5km and build a new 4km long section, said a news statement.

The value of the project is estimated at $617.93 million and was recently awarded to Daewoo E&C by the Public Work Authority (Ashghal).

“Qatar is one of the key countries we are operating in and this is the second financing deal signed with QIB following the $100.24 million facility granted in 2016,” In-Hwan Cho, Daewoo E&C, Head of Finance, said in a media statement. 

The company began its activities in Qatar in 2005 with Ras Laffan Refinery project, and so far the company has been awarded 5 projects, worth a total of $2.4 billion. They expect to secure more infrastructure projects related to 2022 FIFA World Cup.

Qatar continues to be the fastest-growing construction market in the Arab Gulf region, with the sector expected to account for 45% of the country’s investments between 2015 and 2018.

Gross domestic product (GDP) growth in the non-hydrocarbon sector hit 5.6% in 2016, with the construction industry as the largest contributor.

 

Source: Zawya

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