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Although high oil prices can be staggering for the world economy, they translate into increased revenues for oil producing nations. Middle Eastern countries are currently making substantial investments to develop roads and buildings and Korean companies are actively taking part in the construction boom.
Dubai, located in the United Arab Emirates and a bustling commercial hub of the Middle East, is currently under heavy construction. In fact, around 10 percent of all of the tower cranes used in construction sites around the world are currently operating in that city. Thanks to high oil prices, which nearly doubled in the last five years, Middle Eastern countries are able to invest heavily in social infrastructure projects.
Dubai, for one, is taking advantage of the oil revenues to upgrade the image of the city by constructing multi-story buildings. And Korea's top construction companies are busy at work. Samsung Engineering and Construction said that work is underway in Dubai to construct one of the world's tallest buildings. The 160-story building is slated for completion by the end of 2008. Hyundai Construction and Engineering received a US$700 project to construct a power plant in Dubai.
Korea is among the top ten trading partners of the United Arab Emirates with bilateral trade totaling almost US$10 billion in 2004. More than 40 Korean companies are currently operating in Dubai.
Arirang TV
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