POSCO E&C becomes actively involved towards realization of Saudi Vision 2030

Saudi media including Arab News reported interview with President Chan-kun Han / POSCO E&C recently announced its plan to contribute to achieving “Saudi Vision 2030” by engaging in various construction projects. The plan was reported by the Saudi’s leading English newspaper, Arab News.

Saudi Vision 2030 is the national mid- and long- term plan that was established by the Saudi government in last April to respond to the rapid changes in the energy market. It contains industrial policies such as reforming regulations, establishing economic strategies and reducing its dependence on oil.

According to Arab News on June 23, President Chan-kun Han said “While partnerships with many others can be merely for draining profits from the country after completion of projects and nothing else, our partnership with Saudi Public Investment Fund (PIF), hopefully, will prove to be mutually beneficial.”

“POSCO E&C will strive to transfer its advanced technology, including total solution, based on its expertise in urban development and to create jobs in Saudi. We will contribute to the development of the construction industry of Saudi and Gulf Cooperation Council (GCC) through frequent mutual interactions,” he also added.

The interview was also published in Saudi Arabia’s influential daily newspaper, Al Eqtesadia.

In December of last year, POSCO E&C established POSCO E&C SAUDI ARABIA (PECSA), a Saudi-Korean joint venture company by entering into partnership with PIF, which purchased 38% stake of the company. PECSA will actively participate in projects of urban development and housing and infrastructure construction in Saudi.

POSCO E&C has already been involved in the Saudi Vision 2030 by integrating about 17 projects including ones under construction. In particular, the two projects under negotiations with the Saudi government are mega construction projects including the Ghazlan power plant and construction of a hotel, which cost $2.92 billion in total.