Abu Dhabi: Abu Dhabi Islamic Bank (Adib) and Construction Guarantee of the Republic of Korea (CG) have signed a MOU that will support South Korean construction companies operating in the Gulf, a region experiencing a surge in large-scale infrastructure projects.
Under this MOU, Adib and Construction Guarantee of the Republic of Korea will cooperate in communicating with contractors about the business opportunities in the Gulf, and provide information on the operating environment and support their business needs for their awarded jobs/contracts.
The agreement was signed by Tirad Al Mahmoud, CEO of Adib, and Wan-Dae Jung, Chairman and President of Construction Guarantee, in the presence of the Ambassador of the Republic of Korea to the UAE, and senior executives from Adib and CG.
“With this MOU, we are helping to support some of the world’s most experienced and technically advanced contractors expand in the region, which should ultimately support job creation, and transfer of skills,” said ADIB’s Global Head of Wholesale Banking Business, Arif Usmani.
The Arabian Gulf has emerged as a key market for Korean contractors. Over the last decade more than $800 billion worth of projects have been awarded in the region, while around $1 trillion worth of schemes currently in the tendering or planning stages, according to MEED.
