South Korean firms see a lot of opportunity in Saudi Arabia. Photo: Getty.


  South Korean firms turn to Saudi as UAE deals dry up 
by CW Staff on Oct 4, 2011

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Saudi Arabia has replaced the UAE as the new gold mine for South Korean builders in the Middle East, according to new figures.

According to the International Contractors Association of Korea (ICAK), orders won by South Korean builders from Saudi Arabia reached a record $10.7bn so far this year, far exceeding Iraqi orders worth $3.3bn and $2.7bn from Singapore.

The Saudi figure in 2011 is nearly double the orders that South Korean builders won from the kingdom in the same period last year, said ICAK in comments published by UAE state news agency WAM.

For the previous five years, the UAE was the biggest market for South Korean builders, but they clinched only $1.3bn in orders in the emirates during the same period.