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Saudi Arabia seals a deal with Samsung C&T to develop and operate modular building factories.
Korean modular building specialist, Samsung C&T’s global push into new markets shows no sign of abating. And, not content with partnering with one of Europe’s major modular builders earlier this month, they’ve now done a deal with Saudi Arabia’s sovereign wealth fund PIF (Public Investment Fund). (main pic: Saudi Arabia’s NEOM to feature modular construction.)
It’s all about positioning their modular building business for the future, and with a massive pipeline of work forecast within Saudi Arabia and their neighbours, their timing appears to be immaculate.
As reported in The Korea Economic Daily, under the deal, Saudi PIF will explore opportunities for joint collaboration in adopting and developing innovative technologies that support its real estate and construction projects. Specifically, establishing modular housing factories to lay the foundations, and ultimately service the Middle East, and the Saudis own mega-project, Neom City.
The deal was signed on January 24 by South Korea’s Minister of Land, Infrastructure and Transport Won Hee-ryong at a meeting hosted by PIF Governor Yasir Othman Al Rumayyan in Saudi Arabia.
According to company sources, Samsung C&T only completed their first modular construction project in July 2022 for The Korea Institute of Civil Engineering and Building Technology; a three-storey building with a total floor area of around 1800 Sqm which took nine months, and consisted of 69 modules.
They’ve also recently applied for several patents related to modular construction, such as a vertical joint structure between modular units, a modular joint system using steel bars, a construction method of block modular buildings, and a modular floor structure that combines steel beams with lightweight concrete panels.
Samsung C&T are clearly confident about the global modular building opportunities, as the company states the market size for modular construction is expected to exceed USD 200 billion by 2027, and it appears, they want to be at the epicentre of it.
Samsung C&T has recently established a division in Sydney.
