South Korean infrastructure giants, including Samsung E&A, GS Engineering, and Hyundai, have achieved notable success in the international construction sector, securing contracts worth $34 billion in 2024—the highest total in nearly a decade. This represents a 12.7% increase from the $30.2 billion recorded in 2023 and the largest figure since 2015.
Middle East Leads the Way
The Middle East emerged as a key market, with South Korean firms winning contracts worth $15.52 billion, nearly 46% of the total. This surge underscores the region’s growing demand for industrial infrastructure and South Korea’s strong position to fulfill these needs.
Major Projects in Saudi Arabia and Qatar
- Saudi Arabia: In April 2024, Samsung E&A and GS Engineering & Construction secured a joint contract valued at $7.3 billion for the expansion of a gas plant.
- Qatar: In November, Samsung C&T Corp. signed a $2.84 billion agreement to construct a power plant that, upon completion in 2029, will supply 16% of Qatar’s electricity and 17% of its desalinated water.
Expanding Global Presence
Beyond the Middle East, South Korean firms are broadening their international footprint:
- Europe: Hyundai Engineering Co. finalized a $1.68 billion deal in Serbia in October 2024 for a solar energy facility.
- Southeast Asia: In December, Samsung E&A secured a $950 million project in Malaysia to build a biorefinery.
These achievements highlight the growing global influence of South Korean construction companies, with a diversified portfolio spanning the Middle East, Europe, and Southeast Asia.
