Korean machinery sales $25 billion in 2010 in UAE

Hyundai Heavy Industry's SR Lee says firms enjoying nuclear boom

Hyundai's sales passed $3bln last year
Hyundai's sales passed $3bln last year

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SR Lee, general manager at heavy machinery giant Hyundai Heavy Industries, has told local media that sales of Korean machinery passed $25 billion in 2010 and expects sales to buoyed by the forthcoming nuclear plant project.

"Despite the global slowdown, Korean companies are bullish about business in the UAE," Lee told Emirates 24/7 he said: "Last year Korean firms won projects worth $25bn in the UAE, mainly in the oil and gas, petrochemicals and construction sectors. The most important contract was the Korean Government-owned Kepco winning the engineering, procurement and construction (EPC) contract for Emirates Nuclear Energy Corporation. The nuclear project would ensure business alliance between Korea and the UAE spanning one century.

"As the world’s fourth largest heavy machinery supplier, we expect to supply some of the key equipment for the nuclear power project,” he added. "In 2011 we expect to see more projects coming up in the energy, petrochemical and heavy industries sector,” Lee said.

 

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