HYUNDAI Engineering and Construction Company Ltd (HDEC), which is currently executing some prestigious projects in Saudi Arabia, has been selected as Korea’s No. 1 builder, according to the Korean Ministry of Land, Transportation and Maritime Affairs. This commendation undoubtedly substantiates the fact that HDEC has made its way into a global top tier company by securing a series of large projects from overseas, especially from Saudi Arabia and Gulf countries.
“Pioneering an honest and consistent work culture that is distinct from many other giant companies is the philosophy placed at the heart of HDEC,” said Yung Taek Kim, HDEC general manager, while speaking on the occasion of Korean National Day. Kim said, “One of the most important markets for our company, no doubt, is Saudi Arabia, where we have executed 136 projects valued at $13 billion so far, the highest number among all the overseas markets.”
The HDEC chief said some prestigious projects worth $2.3 billion are being implemented by the company. These projects include Karan Gas Facilities (Aramco), Manifa Substations and Transmission Line (Aramco), Qassim to Madinah Transmission Line (SEC), Al-Jalamid Power Plant (Ma’aden) etc. The latest one is Karan Gas Facilities signed by Hyundai earlier this year. At the moment, engineering and ground works are on the execution stage.
He added that the Khurais Gas Facilities for Aramco was completed in May this year. “We were the only contractor to have completed on time such a major project and that too in a harsh environment, within the framework of the Khurais Development Program,” he said, adding that Hyundai had also bagged several big orders from other Gulf countries including $2 billion Qatar, Ras Laffan C IWPP Project; $900 million Qatar QAFCO Fertilizer Ph.5 and $1.8 billion the UAE, Integrated Gas Development PKG 5-Utilities and Offsite.
Moreover, the company has expertise in high-end technology, manpower training and management, as well as engineering. About 3,000 employees are working for the company in Saudi Arabia alone, while this number is expected to increase up to 10,000 next year. The number of workers on the global level will exceed 80,000. The company, Kim said, had been working with Saudi agencies to provide training to Saudi workers on the job sites. “We look forward to consolidating this relation further and work on new training programs in line with the Saudi government’s policy of Saudization,” he added.
The major prestigious project executed by Hyundai in Saudi Arabia in the last 20 years include Jubail Industrial Port, Ministry of Interior headquarters in Riyadh and Khurais Gas Facilities. On regional level in the Gulf, Hyundai is doing well. It recently received a letter of acceptance from Abu Dhabi Gas Industries Ltd (GASCO), a state-owned oil company, for a contract worth $1.7 billion. The contract, won by HDEC as a single contractor, governs the Habshan-5 Utilities and Offsites project, which is referred to as an integrated gas development (IGD) project.
