[Source: Hyundai E&C]
South Korea’s Hyundai Engineering & Construction Co. (Hyundai E&C) has won a $160 million deal to add seven berths and improve aged port facilities at the port of Shuwaikh in Kuwait in a joint venture with local builder Gulf Dredging.
The latest deal comes after the Korean company has successfully clinched a $133,400 railway deal in the Philippines last week.
Hyundai E&C said on Tuesday its joint-venture with Gulf Dredging won the Shuwaikh Port project worth $160 million from Kuwait Ports Authority. It holds a 70 percent stake or $154 billion in the project that aims to improve aged port facilities and build seven new berths – one for bulk freight and six for general – at the southwestern port of the capital city of Kuwait, home to most of local manufacturers.
Construction is expected to take 36 months from the commencement date.
“The latest addition proves Hyundai E&C’s knowhow in project bidding and technical prowess. The company will keep all-out efforts to add follow-up orders for improved logistics industry in Kuwait and further to enhance the status and competitiveness as Korea’s top builder in the global market,” said a company official.
Hyundai E&C shares closed 2.42 percent higher at 44,350 won ($31.91) in Seoul trading on Thursday.
By Lee Ha-yeon
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