SOUTH Korean infrastructure majors including Samsung E&A, GS Engineering and Hyundai, have secured overseas contracts worth $34 billion in 2024 for industrial plant construction in 2024, the highest amount in nearly 10 years, reported Yonhap citing senior Ministry of Trade, Industry and Energy officials.

The ministry attributed the strong performance to projects won in the Middle East, which amounted to $15.52 billion, accounting for 46 per cent of the total.

In April, Samsung E&A Co and GS Engineering jointly secured a $7.3 billion contract to expand a gas plant in Saudi Arabia. In November, Samsung C&T Corp clinched a $2.84 billion deal to construct a power plant in Qatar, which will supply 16 per cent of Qatar’s total electricity on completion in 2029, said the report.

These Korean companies also made progress in diversifying their portfolios to include the European and Southeast Asian markets in 2024.