▲ Construction of new shipping dock and reorganization of old facilities at Kuwait's largest trade port of Shuwaikh

… Of the total project cost of 220 billion won (US$160 million), Hyundai E&C will own 70% of the stake at 154 billion won

… The project will contribute to revitalizing logistics by expanding and maintaining the 1.3km section of seven-berths port of Shuwaikh

▲ Hyundai E&C bagged the order based on a successful track record of large-scale national infrastructures in Kuwait and strategic bidding 

… Hyundai E&C will implement mega projects in roads, power generation, desalination, power  transmission, and energy after entering the port construction for the first time

… Hyundai E&C will leverage world-class port construction competitiveness to seek more new port projects 

▲ With a series of orders awarded from the Philippines and Kuwait, the two project sites alone are worth 2.1 trillion won

Hyundai E&C delivered a good news regarding its overseas business, as the company has been awarded a project for a port construction in Kuwait, following the latest railway project in the Philippines.

Hyundai E&C announced on the 20th (Tue) that it has received a letter of award (LOA) for the additional construction and renovation of the Shuwaikh port from the Kuwait Port Authority.

The Shuwaikh Port Construction, which Hyundai E&C will implement, is to improve and expand the 1.3km section of the existing Shuwaikh Port, with a construction cost of $160 million (220 billion won) and a construction period of 36 months. Hyundai E&C participated in the project through joint venture with Gulf Dredging (GD), a local dredging company, and Hyundai E&C’s stake is 154 billion won, or 70% of the total budget. Hyundai E&C won the construction project in recognition for its price and track record competitiveness and also its bidding strategy to use local resources. It will be able to secure a leading position in winning a number of other port construction projects underway in the local market in the future.

Located near the southwest of the capital Kuwait, the port of Shuwaikh Port is a key industrial complex bordering Kuwait Bay, making it Kuwait's largest free trade port, with the largest presence of manufacturers. Hyundai E&C is expected to improve the ports existing aging facilities and build a total of seven berths, including six berths for general cargo vessels and one berth for cargo vessels, to help boost logistics and economic development in Kuwait.

Hyundai E&C has built a total of 64 national infrastructures, including roads, oil refineries, power generation, desalination, and power transmission facilities and substations, worth more than $12.2 billion, since it first entered Kuwait in 1977 for the “Shuaiba Port Expansion Project.” Furthermore, Hyundai E&C gained the spotlight for successfully carrying out mega national infrastructure projects of Kuwait including: successful completion of Sheikh Jaber Al-Ahmad Al-Sabah Causeway, a 36.1km long sea bridge connecting the new city Subiya from the country’s capital Kuwait City as well as Kuwait Al-Zour LNG terminal, which involved simultaneous constructions of regasification facility handling 3 billion ㎥ of gas per day and 8 LNG storage tanks with a capacity of 3 billion㎥ of gas per day.

Meanwhile, Hyundai E&C was successfully awarded a series of overseas orders from the Philippine railway project to Kuwait Port Authority last week, raising orders of more than 2 trillion won in total project costs at the two business sites alone. While the global construction market is expected to recover due to the rebound of the Middle East construction market and the full-fledged development of infrastructure projects in Asia, Hyundai E&C is expected to enjoy the revitalization of its overseas projects as well.

An official from Hyundai E&C said, "Hyundai E&C has proven its competitiveness with differentiated bidding strategy and excellent technology by winning orders from the Kuwait Port Authority. We will do our best to win follow-up orders to improve the logistics industry in Kuwait,” adding that, “Hyundai E&C will continue to improve its established reputation and status as leading K-construction company in the global market by continuously winning projects abroad.”