Hyundai E&C wins mega deal with Saudi Arabia

Hyundai Engineering & Construction signed a five-billion-dollar deal with Saudi Arabia's state oil company Aramco to build a petrochemical complex in the Middle Eastern country. This marks the largest-ever deal a South Korean business has won in Saudi Arabia.

The deal will enable Aramco's petrochemical plant construction project in Jubail, Saudi Arabia, to produce petrochemical products including ethylene. The deal will push up the country's overseas construction orders in the first six months of this year to $13.7 billion, exceeding last year's $12 billion. President Yoon Suk Yeol hailed the project, saying that it will lay a solid foundation for the co-prosperity of the two countries.