Among diverse projects for the year, the Roy Hill Project in Australia is the highest valued at $5.6 bln, bringing the value of H1 projects to $10.8 bln
A scene of the signing ceremony for awarding the Package III of the subway construction project in Riyadh,
Saudi Arabia, by the Arriyadh Development Authority to Samsung C&T and its consortium on July 28
at the Cultural Palace in the Diplomatic Quarters in Riyadh. (photos: Samsung C&T)
Samsung C&T said the construction projects it has clinched overseas has exceeded $10 billion as of the end of July, almost double the $5.6 billion total of overseas project orders won during the whole of last year and already surpassing the $10.5 billion target for the year.
The Samsung affiliate captured a total of $10.827 billion in project orders overseas as of the end of July. The project that helped push the company past its target for this year so fast was the Roy Hill Mining Project worth $5.6 billion involving the construction of an iron ore refinery, a railroad to Heiland harbor extending 340 km, and a harbor with two berths for iron ore carriers to dock, all being done on an EPC basis.
Samsung C&T, as a member of the FAST consortium, received a letter of award from the Arriyadh Development Authority (ADA) to oversee the Package III portion to build a massive subway network under the streets of Riyadh, the Saudi Arabian capital. The contract includes the design, construction and commissioning of lines 4 (orange), 5 (yellow), and 6 (purple), which will have 25 stations.
Construction will include 64.6 kilometers of rail track: 29.8 kilometers of viaduct, 26.6 kilometers of underground track, and 8.2 kilometers of aboveground track.
Samsung C&T will partner with FCC of Spain, Strukton of the Netherlands, and Freyssinet of Saudi Arabia for the design, construction, and commission aspects of the project. The subway cars and the operating system will be designed, built, and delivered by the French specialist Alstom. The Riyadh Subway Construction Project will transform the city, strengthening and driving the Saudi economy and improving living standards by providing the citizens with their first metropolitan public transport system. The project will be the longest subway system under development in the world, measuring 176 kilometers in length.
Jung Yeon-Joo, CEO & Vice Chairman of Samsung C&T, said “Samsung C&T looks forward to executing this landmark project to the highest standard, contributing to the development of Riyadh. This project will require us to work with some of the best in the global construction industry and serve as an opportunity for us to demonstrate that Samsung C&T is one of them.”
Samsung C&T already has extensive experience with building subway systems throughout the world and is currently working on metro projects in South Korea, Singapore, Hong Kong, Qatar, and India.
The Doha Metro Project in Doha, Qatar, is also huge at $700 million and so is Singapore’s multi-development project worth $542 million, followed by Mongolia’s airport construction project valued at $483 million, Morocco’s phosphate rock refinement plant worth $350 million, and Singapore’s Thomson Subway Line Project valued at $230 million, among others.
Officials of the company said the outstanding performance in securing projects overseas is the result of all things coming together to achieve the annual target, including secured manpower, reform in the company’s organization, and a supplement in infrastructure, which includes global ERP, from simple EPC to management and operation to expand the company’s reach.
The company is ready to capture more projects in the traditional markets including the Middle East and Singapore and to diversify its market to other regions including Hong Kong, Mongolia, Mozambique, and other newly emerging countries as well as to advanced countries like Australia, the United States, South and Central America, and Breat Britain, among others, thanks to the company’s well organized machine.
Officials at the Overseas Construction Association of Korea, said securing such a large number of projects has been a result of Samsung C&T’s ceaseless efforts to capture projects through the diversification of its market, while strengthening its ability to win more projects in the traditional markets like the Middle East.