POSCO E&C announced its plan to contribute to Saudi Vision 2030 by engaging in various construction projects through Arab News, Saudi’s leading English newspaper.
Saudi Vision 2030 is a mid-long term national project established by the Saudi government last April in response to the rapidly changing energy market. It plans to reform industry regulations, establish economic strategies and decrease the country’s economic dependence on oil exports.
President Chankun Han said in an Arab News article published on June 23rd, “The main purpose of corporate partnerships in many cases is the possible revenue made from the said country after the project’s completion. However, we hope to make a mutually beneficial relationship with our partnership with Saudi Arabia’s Public Investment Fund (PIF),”
“POSCO E&C will utilize its expertise in urban development to pass on advanced construction techniques and total solutions, as well as create more job opportunities. We will also contribute to the development of the construction industry of Saudi and Gulf Cooperation Council (GCC) through frequent mutual interactions,” Han added. This interview was also published in Al Eqtesadia, Saudi Arabia’s influential daily newspaper.
The POSCO E&C and Saudi PIF partnership allowed for a joint establishment of PECSA last December, the venture company POSCO E&C Saudi Arabia. PECSA, owned 38% by Saudi PIF, will actively participate in urban development, housing and infrastructure construction projects in Saudi Arabia.
POSCO E&C has already been involved in Saudi Vision 2030 by being a part of 17 projects including the ones already in progress. In particular, the Ghazlan Power Plant and hotel construction projects currently under negotiation with the Saudi government are considered mega construction projects that cost $2.92 billion in total.