Ssangyong Seals Dubai MOU With Wasl Group

Ssangyong Engineering & Construction has sealed a memorandum of understanding (MOU) with Wasl Group, a leading real estate developer in Dubai, to collaborate on new projects valued at approximately 3.6 trillion won ($2.61 billion) over the next three years. The two companies aim to expand their cooperation to various sectors, encompassing residential properties, hotels, and mixed-use developments.

This latest agreement further fortifies the partnership between Ssangyong and Wasl, which has persisted since 2017. Ssangyong has demonstrated its trustworthiness by successfully completing over 1 trillion won ($725.81 million) worth of projects in Dubai, such as the Hyatt Centric hotel and the upscale residential complex 1(One) Residence. This success story forms the bedrock for their ambitious large-scale collaboration.

Wasl Group, established by Dubai Real Estate Corporation (DREC), owns and manages over 70,000 residential and commercial units, 1,343 buildings, and more than 5,977 land plots. The company aims to leverage Ssangyong's engineering and construction expertise to drive sustainable development and long-term value creation.

Hesham Al Qassim, Chief Executive Officer of Wasl Group, emphasized the significance of this partnership, stating, "Our long-standing collaboration with Ssangyong Engineering & Construction underscores the importance of working with highly capable partners. This agreement presents a valuable opportunity to successfully complete projects that contribute to Dubai's growth."

Since entering Global Sae-A Group, Ssangyong Engineering & Construction has been expanding its pipeline of major projects in key markets, including the Middle East and Southeast Asia. In Dubai alone, since 2023, the company has undertaken six projects worth around 1.4 trillion won ($1.02 billion), including Immersive Tower, Kifaf development project, and Creek Waters. Notably, the firm showcased the Korean construction industry's prowess in complex building works by constructing Atlantis The Royal, a renowned luxury hotel.

At the signing ceremony, Kim Woong-ki, Chairman of Global Sae-A Group, highlighted the significance of Ssangyong's extensive construction experience and technological capabilities in partnering with Wasl Group's next-generation development projects. He added, "Contributing to Dubai's mid- to long-term development and prosperity is a meaningful endeavor for us."