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FINANCIAL NEWS
Kuwait, S Korea ink USD2.6b bridge contract
15 Nov 2012
(MENAFN) Kuwait’s Combined Group Contracting Co inked a USD2.6 billion deal with Korea’s Hyundai Engineering & Construction Co. for the Sheikh Jaber al-Ahmad al-Sabah bridge project, reported Arabian Business citing a stock exchange filing.
Under the terms of the contract, the South Korean firm will design, establish and maintain the major bridge.
According to state news agency KUNA, the amount covers the bridge project as a whole.
Construction of the bridge, which will be established over Kuwait Bay and link Shuwaikh port with Subiyah, an area in the northern oil-producing part of the country, will take 5 years.
The bridge is forecasted to help reduce congestion around the Shuwaikh port.
It is worth noting that Combined Group Contracting will hold a 21.5-percent stake in the project.
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