Ssangyong E&C signs W3.6tr MOU with Dubai's Wasl Group

Ssangyong Engineering & Construction signed a memorandum of understanding Thursday with Wasl Group, one of Dubai's largest real estate development and management companies, to collaborate on new development projects worth approximately 3.6 trillion won ($2.68 billion), or 10 billion dirhams, over the next three years.

Wasl Group, established by the Dubai Real Estate Corporation, is one of the emirate's largest integrated real estate operators, managing a broad portfolio that spans residential, commercial, and hotel and resort assets. The group currently oversees more than 70,000 residential and commercial units, more than 1,343 buildings and more than 5,977 plots of land for various uses.

Through the MOU, Ssangyong E&C plans to expand its collaboration with Wasl Group across a range of sectors, including residential facilities, hotels and mixed-use development projects.

Global Sea Group Chairman Kim Woong-ki, whose company is the parent of Ssangyong E&C, attended the signing ceremony. "It is deeply meaningful that we can contribute to Dubai's long-term development and prosperity by bringing Ssangyong Engineering & Construction's extensive construction experience and technical expertise to Wasl Group's next-generation development projects," Kim said.

Since joining Global Sea Group, Ssangyong E&C has been expanding its pursuit of large-scale projects in its core overseas markets, including the Middle East and Southeast Asia. In Dubai particularly, the company has secured a string of new contracts since 2023 — including the Immersive Tower, the Khifaf development project and Creek Waters — and is currently carrying out six projects totaling approximately 1.4 trillion won. The Atlantis The Royal project has established itself as a global landmark that demonstrated the high-level construction capabilities of South Korea's building industry to the world.