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Korean Firms See Rebound in Middle East Plant Orders
DUBAI — A quick rebound in orders for the building of new factories in the Middle East has rekindled hopes that the region would “re-emerge as a goldmine” for South Korean construction companies, the Korea Plant Industries Association, or Kopia, told a newspaper.
Korean builders won $9.6 billion worth of orders from the Middle East in July and August, up from $8 billion in the same period last year.
The jump represents a turnaround from the slumping business earlier this year, the Korea Times newspaper quoted Kopia as saying.
In the first half of this year, Korean companies won plant orders from Arab nations totalling $3.3 billion, less than half the $7.3 billion in orders they booked during the same period
of 2008.
“Performances of Korean companies have got back on track in Middle Eastern countries over the last two months,” Korea Times quoted Kopia as saying on Friday.
South Korean plant builders suffered an industrial cold spell due to the cancellation of a number of projects in the Middle East amid the global financial crisis. But September alone has proven a busy month.
In the most recent order from the Middle East, Doosan Heavy Industries & Construction won a week ago a $1.1 billion order to build a power plant in Saudi Arabia by 2013.
Earlier this month, Doosan inked a separate $249 million Saudi deal to provide boilers and steam turbines for a thermo electric power plant in the Yanbu Industrial Complex, to be built by 2012.
Last week, shipbuilder Hyundai Heavy Industries teamed up with General Electric Energy earlier to sign a $2.7 billion deal with the Kuwaiti government to build a new natural gas-fired power plant that will go into operation in 2011.
Also in September, South Korea’s STX Heavy Industries won a $200 million steel mill project in Saudi Arabia.
STX Heavy and Saudi Arabia’s South Steel Company signed a deal to complete the factory by 2011, STX Group said in a statement.
Kopia said several more huge projects are underway in the region, including a $3 billion refinery and gas plant for Abu Dhabi National Oil Company, an Abu Dhabi-based state-run oil firm. — issacjohn@khaleejtimes.com
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