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Samsung C&T wins deals worth $892m from Singapore, Morocco

Samsung C&T, the construction and trading arm of Samsung Group, clinched consecutive deals in Singapore and Morocco, adding $892 million to its yearly overseas sales, company officials said Monday.

Last week, the company closed a $542 million deal with Singapore property developer GuocoLand to build a 20-story hotel and a 64-story office building in the Tanjong Pagar Complex, a downtown business district. The latter, once completed, is to be recorded as the highest building in the country, officials said.

It also won a $350 million order to build two plants in the Jorf Lasfar industrial park in Morocco, marking its first entry into the North African market. The corresponding facilities are to process phosphate rock to produce fertilizer.

The trading company has been expanding its business portfolio beyond the basic construction and trading field. It especially placed focus on promoting renewable energy and liquefied natural gas terminals.

“Samsung C&T, boosted by its global competitiveness and brand value, is starting to achieve visible results in new market frontiers this year,” said a company official.

“We will continuously expand our overseas market proportion and consolidate our position as a leading global construction and trading firm.”

The firm also pledged to consolidate its business foundation in neighboring North African countries.

The consecutive orders in Singapore and Morocco were not the first massive overseas deals clinched by Samsung C&T this year.

Last month, the company also won a $5.8 billion contract from Australia-based Roy Hill to build infrastructure for the development of iron ore in Australia.

In terms of order volume, this was the largest overseas construction project acquired by a Korean company in the corresponding business field.

By Bae Hyun-jung (tellme@heraldcorp.com)
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