Ssangyong E&C, 'Strategic Collaboration' with Dubai's Wasl Group... 3.6 Trillion Won in Development Projects

Kim Woong-ki (right), chairman of Global Sae-A Group, and Wasl Group CEO Hisham Al Qassim pose for a commemorative photo at the agreement signing ceremony. (Photo by Ssangyong Engineering & Construction)

Ssangyong E&C said on November 5 that it had signed a memorandum of understanding (MOU) on strategic collaboration with Wasl Group, one of Dubai's largest real estate development and management companies. The two companies plan to jointly pursue new development projects in Dubai over the next three years, with a total value of approximately 3.6 trillion won.

Through the MOU, Ssangyong E&C plans to expand its cooperation with Wasl Group across various sectors, including residential facilities, hotels and mixed-use developments.

Wasl Group also plans to combine its expertise in real estate development and management with Ssangyong E&C's engineering and construction capabilities to create sustainable, long-term value.

Ssangyong E&C expects the agreement to provide a further foundation for winning major projects in Dubai and to strengthen its position as a leading builder of high-end projects overseas.

Wasl Group is one of Dubai's largest real estate development and management companies, established by the Dubai Real Estate Corporation (DREC). It currently owns and manages more than 70,000 residential and commercial units, 1,343 buildings and 5,977 plots of land.

At the signing ceremony, Global Sae-A Group Chairman Kim Woongki, the parent company's chairman, and Wasl Group CEO Hisham Al Qassim attended and discussed plans for future cooperation.

Wasl Group CEO Hisham Al Qassim said, "This agreement will be an important opportunity to further strengthen the cooperation between our two companies, building on our shared experience and trust, and to successfully complete projects that contribute to Dubai's growth."

Chairman Kim Woongki said, "Our strategic partnership with Wasl Group will enable us to actively support Dubai's vision for sustainable growth. We will work with Wasl Group on its next-generation development projects, drawing on Ssangyong E&C's extensive construction experience and technical expertise."

Ssangyong E&C has recently won major projects in key overseas markets, including the Middle East and Southeast Asia. In Dubai, it has successively won new projects since 2023, including Immersive Tower, the Kifaf development and Creek Waters, and is currently carrying out construction work worth approximately 1.4 trillion won.

This content was produced with the assistance of AI translation services.