The Saudi Arabian government has awarded a $30m supply contract to Hyundai Elevator for installation of escalators in Security Forces Medical City, a large-scale medical complex under development in Riyadh.
With the latest contract, Hyundai Elevator will supply its products in stages from the third quarter this year to the end of 2018, reported Business Korea, citing a company spokesman.
He added: "Saudi Arabia is a main market of our globalisation 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.
"After proving its excellence in quality to the Saudi Arabian government by clinching this contract, there is scope for winning another elevator deal in the second complex to be built in Jeddah in the future."
According to a recent report, it is expected that the Middle East and North Africa (MENA) region will witness installation of close to 700,000 new elevator units by 2018.
High growth in the elevator market is expected from new construction in Middle East, with sustained elevator demand in Dubai, Abu Dhabi, and Jeddah.
The elevator market in the region, which is dependent primarily on the construction sector, has recently been under pressure due to falling oil prices and the weakening economy, stated the report.