Ssangyong Engineering & Construction has signed a memorandum of understanding with Dubai-based property developer Wasl Group to pursue construction and development projects worth 3.6 trillion won ($2.7 billion) over the next three years.
The agreement builds on a partnership dating back to 2017 and expands cooperation in Dubai's hotel and mixed-use development sectors. Ssangyong E&C has completed projects worth more than 1 trillion won for Wasl Group, including the Hyatt Centric hotel and One Residence.
Wasl Group, established by the Dubai Real Estate Corporation, is a major developer and operator of residential, commercial and hospitality properties. Under the agreement, the companies will combine Wasl's development expertise with Ssangyong E&C's construction capabilities.
Global Sae-A Group Chairman Kim Woong-ki and Wasl Group CEO Hesham Al Qassim attended the signing ceremony and discussed opportunities for further cooperation.
"Our longstanding partnership with Ssangyong E&C highlights the importance of working with capable partners who share our vision and commitment to quality," Al Qassim said, adding that the agreement would support Dubai's continued growth.
Kim pledged to contribute Ssangyong E&C's construction expertise to Wasl's future projects and Dubai's sustainable development.
Since becoming part of Global Sae-A Group, Ssangyong E&C has stepped up its overseas expansion, particularly in the Middle East and Southeast Asia.
In Dubai, the builder has secured major contracts since 2023, including Immersive Tower, the Kifaf development and Creek Waters. It currently has six projects underway in the emirate worth a combined 1.4 trillion won.
Its portfolio also includes Atlantis The Royal, a landmark luxury hotel that highlights its capabilities in complex construction.
The latest agreement follows Ssangyong E&C's 3 trillion won hospital project win in Singapore in September, further strengthening its overseas order pipeline.
jyoungseon8@heraldcorp.com
