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FinancialNews


  • 04-09-10

    South Korean firms win $11.9b contract in ME

    (MENAFN) South Korean construction companies clinched a record number of orders from the Middle East in July and August due to the region's growing infrastructure investments, Yonhap News Agency reported. South Korean builders won 26 construction contracts worth $11.9 billion from Middle Eastern countries during the two-month period, up 87 percent from the same period a year earlier, the International Contractors Association of Korea said. The surge came as the region's oil-rich countries beefed up investments in infrastructure, including oil production facilities and power plants, despite a fall in private capital spending, it said. By country, orders from the UAE stood at the largest with $4.2 billion, a 61-fold increase from a year earlier. Orders from Libya also grew four-fold to $1.8 billion despite a diplomatic row between South Korea and Libya.

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