Ssangyong E&C Targets W3.6 Trillion in Dubai Projects

South Korea’s Ssangyong Engineering & Construction signs an MoU with Dubai-based Wasl Group to pursue construction and development projects worth $2.7 billion over three years, strengthening its Middle East expansion.

South Korea-based Ssangyong Engineering & Construction (Ssangyong E&C) has signed a memorandum of understanding (MoU) with Dubai 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 strengthens the companies' long-standing partnership and expands their cooperation across Dubai's hospitality and mixed-use development sectors.

The partnership builds on a relationship established in 2017, through which Ssangyong E&C has completed projects worth more than 1 trillion won for Wasl Group. These include the Hyatt Centric hotel and One Residence. Under the latest agreement, the companies plan to combine Wasl's property development expertise with Ssangyong E&C's construction capabilities to explore new opportunities in Dubai.

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Global Sae-A Group Chairman Kim Woong-ki and Wasl Group CEO Hesham Al Qassim attended the MoU signing ceremony. Al Qassim highlighted the importance of the partnership in supporting Dubai's development, while Kim reaffirmed Ssangyong E&C's commitment to contributing its construction expertise to future projects and the emirate's sustainable growth.

Wasl Group, established by the Dubai Real Estate Corporation, is a major developer and operator of residential, commercial and hospitality properties. Its collaboration with international construction companies forms part of its broader development activities across the emirate.

Ssangyong E&C has expanded its presence in Dubai through several major contracts secured since 2023, including Immersive Tower, the Kifaf development and Creek Waters. The company currently has six projects underway in the emirate, with a combined value of 1.4 trillion won. Its international portfolio also includes Atlantis The Royal, a luxury hospitality development in Dubai.

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The latest agreement follows the company's 3 trillion won hospital project win in Singapore in September 2026. Together, these developments strengthen Ssangyong E&C's overseas order pipeline as it pursues further opportunities in the Middle East and Southeast Asia.