Hyundai Elevator Co. has clocked up a $30mn order from the Saudi Arabian government to install elevators and escalators in Security Forces Medical City, a large-scale medical complex currently under development in capital city Riyadh.
The Korean company will supply its products in stages from the third quarter of this year through the end of 2018.
An official from Hyundai Elevator said: Saudi Arabia is a main market of our globalization strategy. So, it is meaningful in that we bagged the deal at the moment when the economy of Middle East is contracted due to lower oil prices.
The official added that the contract win put Hyundai Elevator in pole position to secure another Saudi government deal for a similar complex to be built near Jeddah.