Many Korean companies in the solar field have obtained multiple contracts worth 550 million UAE dirhams from companies in the UAE and the Middle East. This also indicates that photovoltaic services and products are very large in the Middle East and North Africa. Room for growth.
Korean companies in the solar energy sector clocked contracts worth AED 550 million from the UAE and Middle East companies, indicating the growing potential for solar services and products in the Middle East and North Africa (MENA) region.
These contracts are Signed after the end of the UAE Korea Energy Week on October 7, 2021, South Korean solar companies signed 19 memorandums of understanding on photovoltaic products and services with local partners in the UAE.
The contracts were signed at the just concluded Korea Energy Week UAE on October 7 2021, where Korean solar energy companies signed over 19 MoUs with local UAE partners for solar products and services.
As one of the organizers of this event, Chulwon Im, Chairman of South Korea’s Energy Valley Enterprise Development Institute, said: “The success of this event shows that the UAE, the Middle East and North Africa regions are very active in photovoltaic products and services, and the investment can reach 182.3 billion US dollars in 2025.”
“ The show's success endorses the robust market for solar products and services in the UAE and the Middle East and North Africa (MENA) market, where investments could reach reportedly US$182.3 billion by 2025," said Chulwon Im, President, Energy Valley Enterprise Development Institute (EVEDI), Korea, one of the organizers of the event.
and others including Korea Electric Power Group,Jeen Joshua, director of the event co-organized by the Ministry of Trade, Industry and Energy, Jeolla Nam do and Jeonnam Technopark, Korea and Interfairs Korea and other partners, said: “Because the talks between Korean solar energy companies and potential UAE partners have not yet ended, so The amount of the contract may be larger. The signed contract includes 7 Korean companies and 21 local companies that have reached a memorandum of understanding, including multiple contracts with a maximum contract transaction value of more than 30 million US dollars."
"The size of the contracts could be bigger as negotiations between Korean solar companies and potential UAE partners are yet to conclude. The concluded contracts spanned 7 Korean companies entering into MoUs with over 21 local companies, including multiple deals with the highest deal value range at US$30 million upwards," said Jeen Joshua, Director, Verifair, which organised the event with other partners, including Korea Electric Power Corporation, Korean Ministry of Trade, Industry and Energy (MOTIE), JeollaNamdo and Jeonnam Technopark, Korea and Interfairs Korea. The headline partner of the event was the Middle East Solar Industry Association (MESIA).
These contracts include South Korea’s GEUM CHUL Renewable Energy Company, the same UAE company,A Jordan company signed a contract of more than 20 million US dollars. At the same time, Emirates Airlines Light Co., Ltd. signed 3 contracts with the United Arab Emirates company for a total of 50 million US dollars.
The contracts signed included Korean GEUM CHUL Renewable Energy partnering with two companies – one from the UAE and one from Jordan – for over US$20 million, while Korean Aviation Light Co. Ltd. signed three contracts cumulatively worth US$50 million with the UAE companies.
Other Korean solar companies that have signed contracts include ITMAN Co., Ltd. This company has four contracts from PowerCONS, two contracts from BA Energy Co., Ltd., and three contracts from TD L Co., Ltd., and SSOM The company was awarded a contract.
Other Korean solar energy companies which signed contracts include ITMAN Co. Ltd bagging orders from three companies, POWERCONS (four contracts), BA Energy Co. Ltd. (two contracts), TDL Co. Ltd (three contracts), and SSOM Co . one contract.
UAE and regional companies that have signed contracts with Korean companies include Chaintech, Solo Energy, Ray International, Tech& Beyond, Al Nakhi Power Transmission Equipment Trading, Apogee Control Equipment Trading Est, TSS Trading LLC, Beta Industrial L.LC, Beta Green Energy, Sunshine Technical Works LLC, Al Ruyah International Trading & Engineering Services, Boldborne Solar System, and Be Solar and Opti-Solar from Jordan from Jordan, and others.
The UAE and regional companies which signed contracts with Korean companies include UAE-based Chaintech, Solo Energy, Ray International, Tech& Beyond, Al Nakhi Power Transmission Equipment Trading, Apogee Control Equipment Trading Est, TSS Trading LLC, Beta Industrial L.LC, Beta Green Energy, Sunshine Technical Works LLC, Al Ruyah Internation al Trading & Engineering Services, Boldborne Solar System, Be Solar and Opti-Solar from Jordan, among others.
China’s photovoltaic industry has been in full swing.It is also an area that we are proud of, but in the international market, when facing South Korea, which is less than a province in terms of land area, it does not show too many advantages.
Although my country is a powerful country in infrastructure construction, in the international market, South Korean construction companies made their debut in the international contracting market earlier than China, and their management level is relatively high.
In the past, Chinese contractors once won many projects with low labor prices, but with the increase of domestic labor wages, this low price advantage is no longer available. Although the labor cost in South Korea is higher than that in my country, the projects undertaken by South Korea are generally relatively high-end, or difficult and technically demanding projects, and profits are guaranteed, and there are many projects in cooperation with large European and American companies.
There is a phenomenon that Koreans are rarely seen on the construction sites of overseas Korean projects, and the overseas projects undertaken by our country are generally Chinese from the bottom to the top, which can be said to be domestic construction. The overall relocation of the team overseas can be said to be a country within a country. The level of international cooperation is quite different from that of construction units in South Korea, Europe, America, and the Middle East.
Now in the international contracting market, it is cruel but realistic. Chinese international contractors are also trying to catch up and improve themselves.
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