South Korea Infrastructure News

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• January 2024: South Korea's overseas construction orders surpassed USD 30 billion in 2023, marking the fourth consecutive year of this achievement. Orders from the US primarily fueled the surge, as it aimed to attract electric vehicle and battery manufacturers to its shores. Additionally, there was a resurgence in plant demand from the Middle East. As per the data released by Korea's Ministry of Land, Infrastructure, and Transport and the International Constructors Association of Korea, 321 Korean construction and engineering firms secured orders worth USD 33.3 billion from 95 countries in 2023.
• July 2023: Samsung C&T Engineering & Construction Group, in collaboration with a local construction firm, was awarded a lucrative contract for the Fubon Aozihdi Development Project in Kaohsiung. Fubon Life, a prominent insurance company headquartered in Taipei, has commissioned this ambitious venture. Valued at a staggering USD 790 million, Samsung C&T's share in the project amounts to approximately USD 592 million. The development, set to be completed in the future, will feature a 48-story (240 m) office tower, a 23-story hotel, and a connecting podium on the lower floors.

• March 2024: AECOM, a leading global infrastructure consulting firm, revealed that a joint venture comprising AECOM and Halcrow China Limited, a subsidiary of Jacobs, secured a contract from the Civil Engineering and Development Department of the HKSAR Government. Their task is to spearhead the development of the San Tin Technopole, a pivotal component of the expansive 610-hectare Northern Metropolis project. AECOM's responsibilities within this collaboration encompass a 250-hectare segment, entailing services such as design, project oversight, site preparation, engineering infrastructure, landscaping, and environmental monitoring. The envisioned San Tin Technopole is slated to be a multifaceted hub, supporting innovation, technology, residential areas, community spaces, commercial ventures, and critical infrastructure.
• January 2024: The prestigious China Construction Engineering Luban Prize for overseas projects was awarded to four projects constructed by CSCEC. These projects include the Morodok Techo National Stadium, the Sabah AlSalem University City of Kuwait University, the Algeria North-South Highway, and the Hong Kong Palace Museum. The Morodok Techo National Stadium, located in Cambodia, stands as a symbol of the growing sports infrastructure in the region. The Sabah AlSalem University City of Kuwait University represents a significant advancement in educational facilities in Kuwait. The Algeria North-South Highway is a critical infrastructure project that enhances connectivity and economic development in Algeria. Lastly, the Hong Kong Palace Museum showcases the rich cultural heritage and serves as a major cultural landmark in Hong Kong.

July 2024: Sortera, a leader in recycling and processing residual products from the building and construction industries in Northern Europe, announced that it was bolstering its presence in Greater London's construction waste market through the acquisition of Reston Waste Management Ltd. Reston Waste stands out as one of South West London's prominent independent waste management firms.

July 2024: Holcim, a key player in construction, completed its acquisition of Land Recovery in the United Kingdom. This strategic move enhances Holcim's standing in circular construction. With this deal, Holcim expanded its portfolio, particularly in construction demolition materials, leveraging Land Recovery's track record of recycling over 300,000 tons in 2023.

August 2023: USA Rare Earth LLC (USARE), a leading magnet technology firm, unveiled a pivotal collaboration with Hatch, a renowned global engineering entity. Hatch, recognized for its engineering, procurement, and construction management prowess, spearheaded USARE initiatives alongside a significant financial commitment to the venture. USARE's bold vision involved overhauling a sintered magnet production site in Stillwater, Oklahoma, and establishing an extraction and separation facility in Sierra Blanca, Texas. These endeavors were strategically crafted to elevate USARE as the foremost mine-to-magnet producer in the United States.

April 2023: The US administration's Federal Sustainability Plan mandated that all federal agencies shift to light-duty electric vehicles by 2027 and heavy-duty zero-emission vehicles by 2035. The US Department of Transportation will collaborate with states and local governments to establish a national network of 500,000 publicly accessible EV charging stations by 2030. According to the Federal Highway Administration, the United States boasts 160,000 active public EV chargers. To put this in perspective, the country has approximately 145,000 gasoline stations. Notably, USD 2 billion from the 2022 Inflation Reduction Act was allocated to support the development of new EV production facilities.

May 2022: Technip Energies (PARIS: TE), in consortium with Saulsbury Industries, was awarded a contract for the engineering, procurement, and construction (EPC) to expand the carbon capture and storage (CCS) at ExxonMobil’s LaBarge, Wyoming, facility. The LaBarge plant had already captured more CO2 than any other facility worldwide. The plant can capture more than 6 million metric tons per year, and this expansion project enabled the capture of more than 1 million additional metric tons of CO2 annually.

• June 2024: In the April-June quarter of 2024, Rays Power Infra, an Indian solar EPC solutions provider and park developer, disclosed acquisitions worth INR 833 crores (USD 100 million). Spanning two states, these projects bolster the company's portfolio by over 680 MW. Rays Power Infra remains committed to enhancing its solar park and EPC divisions, which is a strategic move to expand its business. The company's leadership is optimistic, targeting revenue and profitability growth surpassing 50% compared to the previous fiscal year.
• June 2024: Megha Engineering & Infrastructures Ltd secured the INR 12,800 crore (USD 1.53 billion) engineering, procurement, and construction (EPC) contract from India's state-owned Nuclear Power Corporation, emerging as the lowest bidder. Despite facing corruption allegations, Megha Engineering & Infrastructures is a significant player in the infrastructure sector, boasting a USD 5 billion valuation. Its operations span hydrocarbons, electric buses, defense, power, transport, and manufacturing. The project at Kaiga in Karnataka entails constructing two 700 MW electrical reactors. This project marks the Nuclear Power Corporation's most substantial tender to date.
• May 2024: Salasar Techno Engineering Ltd (STEL) completed the acquisition of EMC Ltd by making a final payment of INR 168 crore (USD 20.14 million). The total cost of acquiring the engineering, procurement, and manufacturing (EPC) firm amounted to INR 178 crore. This payment marks the successful conclusion of Salasar's acquisition of EMC Ltd. The acquisition, valued at INR 178 crore (USD 21.34 million), was finalized in March 2024 through an e-auction overseen by the liquidator. STEL highlighted that integrating EMC Ltd will bolster its standing as a prominent player in the engineering and infrastructure sector.

• June 2023: In 2025, a new version of Canada's national building code will be published, allowing builders to learn about two significant changes. At the Canada Green Building Council's 2023 Building Lasting Change conference in Vancouver, officials addressed the changes drafters of the 2025 code. The two significant changes coming to the code are introducing technical requirements for existing building stock and including GHG emissions.
• May 2023: The Biden Administration announced plans to implement new building energy standards for homes built and funded by the Federal Government. These standards will save families over 35% of their electricity consumption. The new building energy codes will apply to approximately 170,000 new homes per year, including newly built or financed subsidized urban and rural housing.

• January 2024: The Saudi Ports Authority (Mawani) and MEDLOG, the logistics arm of the world’s most extensive container line MSC, signed an agreement to develop the first-ever integrated logistics park and re-export zone at Dammam’s King Abdulaziz Port in Saudi Arabia. The logistics park, which is expected to be over 100,000 square meters and will have a handling capacity of 300,000 tonnes with logistical solutions for transporting freight across the Central and Eastern Regions and into the rest of the Kingdom, costs about USD 40 million.
• October 2023: Mawani and Saudi Global Ports, a Public Investment Fund-backed container terminal operator, signed a contract for the construction of a SAR 1 billion (USD 266.59 million) logistics park at King Abdulaziz Port in Dammam. The facility is part of a plan by Mawani to increase the number of logistics parks in Saudi ports from 12 to more than 1 million square meters.

• November 2023: AJEX Logistics Services announced a new partnership agreement with the Saudi Authority for Industrial Cities and Technology Zones – MODON. The agreement will allow AJEX to operate expanded logistics services from the burgeoning industrial epicenter of Dammam. The agreement will see the Saudi-headquartered logistics firm use warehousing facilities over a 6,000 sq. m area at MODON. The units will be utilized for the warehousing of various goods, including dangerous goods, the storage of food and beverages, and more general items.
• June 2023: Saudi Arabia’s Ministry of Energy announced that the National Gas Co. (NATGAS) was awarded the contract to establish and manage a dry gas network in Dammam Third Industrial City.

June 2023: Sweden announced it was setting a record in construction. It announced plans to build the world's largest wooden city. Stockholm Wood City, the project will be constructed in Sickla, south of the Swedish capital. In 2025, construction will begin on a 250,000-square-metre site. Upon completion in 10 years, it will comprise 2,000 homes, 7,000 offices, restaurants, and shops

May 2023: PFA Ejendomme, the investment department of the pension company PFA Pension, developed Nordo, a mixed-use development located in Nordhavn, Copenhagen, Denmark, previously known as Redmolen. New private homes, hotels, office buildings, leisure, and parking facilities will be part of the 55,000-meter square development.

• December 2023: Larsen & Toubro (L&T) bagged a contract to establish various systems related to green energy generation and utilities for an ultra-luxury tourism destination in Saudi Arabia. The project is 4,155 square kilometers and features a pristine landscape, diverse natural ecosystems, and unique and intriguing heritage and local culture.
• January 2023: China Harbor announced that it awarded two contracts to Saudi Arabia. The first contract was related to building the infrastructure of a new project in Riyadh, and the main scope of work included various pipeline facilities, earthworks, and ancillary housing construction facilities. This project was the second pipeline network project won by the company in the central region of Saudi Arabia in Riyadh, and it was also another significant achievement of the company's active "secondary operation" for core owners.