Even as it builds what will become the city's third-tallest skyscraper, a Chicago real estate developer is pushing ahead on a new wave of towers in its 28-acre Lakeshore East project near the Chicago River and Lake Michigan. Furthermore, Hanwha E&C has a long history of executing real estate development projects in the USA. Representatives from the three builders signed a memorandum of understanding (MOU) with the Ministry of Housing for the new city development project at a Seoul hotel on Thursday.
Data released by the US-based Engineering News Records (ENR) shows that combined sales of South Korea's leading construction firms ranked fifth in the world in 2014, marking the first time the country has appeared in global top-five. The project is located in a remote Central Arabian region of Saudi Arabia with the nearest town, Zalim, being some 140 km from the site.
It will venture out on the global stage to become a global general construction company by reinforcing domestic core business and diversifying overseas business. South Korean construction firms are outpacing Asian rivals as well as European competitors with their great diligence and advanced technology,” says a GS E&C company spokesperson.
A consortium including Korean group Hanwha Engineering & Construction has won a $20-billion project to build 100,000 homes in Saudi Arabia, said a report. Alderley FZE has secured a contract to supply nine oil metering systems and small volume provers for the Jazan Refinery Package 14, Marine Terminal Project in Saudi Arabia.
It is too early to tell the details of the deal, but the consortium expects to push for the mega project with a stable financing source, backed by the Saudi government,” the company said in a press release. The chemical plant, which will be built in the Jubail 2 Industrial City at the Jubail Industrial Complex located in the southeast region of the Middle East country, is expected to produce annually about 670,000 tons of calcined petroleum cokes.
With more than 60 years track record of industrial leadership, Hanwha's manufacturing and construction businesses encompass a broad range of fields from basic chemicals and advanced materials to property development and total solar energy solutions. The part of the project won by the company includes some tough work as it involves the construction of single point mooring and an 8.8 km-long undersea pipeline connected to the mooring, which are difficult to design and build.
And oversees the Korean construction company Hanwha, the reconstruction of a new residential city in Basmajh district, (10 km) southeast of Baghdad, at a cost of ten billion and one hundred million dollars, the largest project handled by the Korean company-wide external work, and is expected to hanwha be completed during the year 2019, where It includes 100 thousand housing units as well as other service facilities attached to the project.
The fact that the project is even going ahead after Iraqi authorities lost swathes of territory to Islamist militants and billions of dollars to an oil price slump, underlines both the scale of its ambition and the obstacles it must overcome. Ausenco's scope as PMC was as an augmentation of Ma'aden's in-house project management team and covered quality assurance of deliverables by Hanwha Engineering & Construction, a Korean company appointed by Ma'aden as the EPC contractor.
The $10-billion construction project, which began in 2012, has been progressing smoothly as scheduled, according to the officials, who said the company will complete the construction of the residential town by 2019. Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a "FORTUNE Global 500" company.
In the construction sector Hanwha E&C Corp., since its establishment in 1962, has played a key role in Korean construction industry, and has achieved an impressive track record encompassing experiences in engineering & construction of housing and mixed use planned community development works, intelligent office buildings, large-scale civil works, and wide range of plant works.
As the civil war in the country has eased and oil prices continue to rise, we are expecting the country's orders on infrastructure to increase and Hanwha E&C is likely to win more orders based on the trust it has built with the Iraqi government,” the Hanwha spokesperson added.
Under the deal, the company will update fire detection and alarm systems at three refinery facilities near Kuwait City, and two office buildings. The Iraqi government has shown its commitment to continue cooperating with Korea on the construction of new housing developments.