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Thu 23 Dec 2010 04:09 PM

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Hyundai E&C wins $534m order from Qatar

Korean engineering and construction firm wins order to build a hospital in Qatar, over 34 months

Hyundai E&C wins $534m order from Qatar
HOSPITAL CONSTRUCTION: Hyundai Engineering & Construction Co Ltd said on Thursday that it has won a 616.3 billion won ($534.1m) order to build a hospital in Qatar (Getty Images)

Hyundai Engineering &
Construction Co Ltd said on Thursday that it has won a 616.3 billion won
($534.1m) order to build a hospital in Qatar.

The country's largest builder said in a filing to the
Korea Exchange that the construction period was 34 months, according to a newswire
Reuters report on Thursday.

Hyundai is one of the many Korean firms that have entered
into business deals in the Middle East.

Korea Investment Corp will invest $50m in an
infrastructure fund run by Mubadala Development Co, the investment arm of the
Abu Dhabi government, South Korea’s sovereign wealth fund said.

Saudi
International Petrochemical Co (Sipchem) said on Wednesday its affiliate
awarded South Korea's GS Engineering and Construction a contract to build a
petrochemicals plant as part Sipchem's third expansion phase.

Qatar's
vibrant natural gas sector will propel the country to a 20 percent growth rate
next year, the International Monetary Fund said earlier this week.

Despite this
runaway expansion, inflation will remain subdued at three percent, the fund
said.

 

 

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