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Ssangyong E&C wins $1.6 bil. deals in Dubai
2015-12-17
Ssangyong Engineering & Construction (E&C) has won three contracts in Dubai, the United Arab Emirates (UAE), valued at a total of $1.6 billion, the builder said Wednesday. The latest deals will likely provide a much-needed boost to the Korean builder, which was acquired by the Investment Corporation of Dubai (ICD) early this year.
Ssangyong secured the three projects by forming a three-way joint venture with BESIX, a builder based in Europe, and Chinese builder CSCEC. Of the $1.6 billion, the Korean builder will take $730 million.
The consortium will first build the Royal Atlantis Hotel worth $840 million, and then the Palm Gateway worth $386 million and an unnamed office building complex worth $370 million.
The Royal Atlantis Hotel will be a 47-story hotel with 795 rooms and a 37-story apartment building with 231 units. The Palm Gateway is an upscale apartment complex with three buildings and 1,265 units. The third project is constructing several high-rise office buildings.
"It is very meaningful for us to secure a construction project in Dubai again, our first deal in 13 years," a Ssangyong E&C spokesman said. "The city is full of skyscrapers and dozens more will be built in the coming years. We were able to secure mega projects base on our advanced knowhow and expertise in constructing artistically-shaped, high-rise structures over the years. We will continue to win more deals in the UAE and nearby Middle Eastern countries."
The spokesman also said the ICD played a crucial role in helping the builder to win the latest projects, stressing that Ssangyong will soon emerge as one of the world's leading construction powerhouses.
In January 2015, the ICD, which has nearly $200 billion under its management, acquired a controlling stake in Ssangyong E&C.
The ICD is one of the world's biggest sovereign funds and has 30 companies under its control, including Emirates Airline and Emirates National Oil Company.
The ICD's ownership has been widely expected to help Ssangyong secure more lucrative deals in Asia, the Middle East and elsewhere.
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