PIF BOARD MEMBERS VISITED THE DAR AL HIJRA,PHASE 1 PACKAGE 4A PROJECT SITE
February 28, 2017
The PIF board of members have visited the Site of Dar Al Hijra, Phase 1 Package 4A Project on 28 February 2017. PECSA CEO Mr. MYUNGJU CHOI and Project Director Mr. JEI SUNG YEON have received the honorable guests to the site.Conducted the summary of presentation about the project work progress. The event was the one of great memorable experience for PECSA Team
PECSA signs MOU with ASAN MEDICAL CENTER and Al Akaria for Al Wedyan Healthcare District Development Project. - 26th February. 2017
MOU among Al Akaria (“Saudi Real Estate Company”), AMC(“Asan Medical Center”) and PECSA(“POSCO E&C SAUDI ARABIA”) signed for Healthcare District Development in Al Wedyan New city Project. Each party will cooperate for successful development of Al Wedyan Healthcare based upon this MOU. PECSA will organize Task Force and start feasibility study including market research in Healthcare sector with AMC and Al Akaria together.
Al Wedyan urban development, which will lead to the successful delivery of iconic, mixed-use community in Riyadh. The site is located north west of Al Riyadh city in the Malaqa area, along Salbouk Road, north of Al Diriya. The site has approximately 2.5 kilometers of frontage on Salbouk road and an approximate length of 3 kilometers with total land area of 7,085.089 m². First phase of development includes theme park, towncenter, hotel and healthcare district, etc.
AMC as a potential operator of Medical Center in Healthcare district in Al Wedyan is a world best tertiary Medical Center in Korea.
Al Akaria as a landowner and developer in Al Wedyan is a leading real estate company in Riyadh and operate iconic commercial building and residential compound.
After MOU, AMC and PECSA visited King Fahad Medical Center in Riyadh to research and survey current service and equipment of tertiary hospital in KSA.
PECSA signs JWA with Al Akaria for Al Wedyan New City Project. - 5th January. 2017
The Joint Work Agreement(JWA) to develop Al Wedyan New City Project in Riyadh is signed between Al Akaria (Client) and PECSA (Contractor) as of the 5th January, 2017.
The site has approximately 2.5 kilometers of frontage on Salbouk road with total land area of 7 mil m2.
PECSA engages in the business of construction, engineering, development, project management, and is interested in participating in the Project.
Both parties agree that PECSA will work in good faith to enter into a contract for the construction of a portion of the Town Center Phase 1(One) with a competitive market pricing structure.
PECSA First Anniversary - 17th January. 2017
PECSA First Anniversary
January 17, 2017
Celebrating a Year of Togetherness. Thanks to our great Partners, Colleagues, Family and Friends, we’re celebrating the completion of our first year in business. We’ve built a lot of great relationships already, and we’re looking forward to strengthening them even further. Thanks for helping to make PECSA a success!
Ceremony for a Prayer of Project Safety at Juruf, Madinah (Madinah PKG4A) - 5th January. 2017
Al Madinah Site held a ceremony for a safety prayer of Dar Al Hijrah Phase 1, PKG 4A. in Juruf, Al Madinah.The Ceremony was well finished and the attendances are Executive Manager ‘Jinsuk CHUNG’, Project Director ‘Jeisung YEON’ and 25 persons of Dar Al Hijrah Phase1, PKG 4A Team of PECSA on this ceremony.Through the ceremony, the attendances had an act for a prayer of project safety and take a pledge to do well till the end of last day of project.
End of the year award ceremony at PECSA - 8th December. 2016
PECSA held an end of the year meeting at 28 December, 2016. Awards were distributed among the employees on basis of their outstanding performances throughout the year.
PECSA CEO (Mr. Choi) applauded the efforts of all employees from their respective departments in his speech showed his expectations for better future of PECSA to make it even more attractive E&C company in the market.
Mr. Wonil Park were awarded as GOLD for the most outstanding and exceptional contribution.
Mr Bader Alhamzam, Mr. Mohammed Alotaiby and Mr. Jungjin Sung were awarded as SILVER for their distinguished efforts and making good example for others.
Certificates of appreciation and cash prizes was received by the winners.
Madinah - Saudi recognition from Saudi government 10 Nov 2016
PECSA wins $899.6 million Hotel Towers Project in Al-Madinah Al-Monawarah - October 9, 2016
On Sunday the 9th of October, 2016; PECSA signed a $899.6 million hotel Project in Al-Madinah Al-Monawarah with the Saudi Company for Real-Estate Development & Investment (Dar Alhijrah). The Contract was signed by His Excellency Mohammed Almazyad, The Chairman of the Foundation and Supervision Committee of Dar Alhijrah and Deputy Minister at the Ministry of Finance. From PECSA’s side, it was signed by Myungju CHOI, CEO of PECSA. The signing Ceremony took place in Dar Alhijrah’s HQ in Riyadh.
PECSA, which is a Saudi-Korean Joint Venture between POSCO E&C and the Public Investment Fund (PIF), was awarded the construction of 5 tower hotels in Dar Alhijrah’s Commercial and residential Project in Al-Madinah Al-Monawarah Package 4A.
The $ 899.6mil project will construct Five 4-star hotel towers with a capacity of 3,000 rooms at approximately 350,000 m2 area located to the west of the holy mosque; the construction will take 28 months.
PIF, the Government arm in charge of diversifying the investments of the national economy of Saudi Arabia through Saudi Vision 2030, has established PECSA by partnering with POSCO E&C, which is a global Engineering and Construction leader in South Korea, in order to transfer Advanced Technologies, Expertise, and Know-How into the Kingdom. PECSA is actively pursuing participation in various engineering and construction fields such as, urban development, housing and infrastructure construction to keep pace with Saudi Vision 2030.
Mr. Myungju CHOI, CEO of PECSA, pointed that Madinah city, which foster the Holy Mosque and Tomb of Prophet Mohammad-pbuh- is struggling from shortage of accommodations; completing Madinah Al Monawara Package 4A project, is expected to partially cover the shortage in the market. He also pointed out that PECSA is currently assessing its priorities for participation in Madinah Hajj City project which is to expand capacity of pilgrims from 8 million to 30 million. Madinah Haj City project is considered one of the projects that will contribute to the realization of Saudi Vision 2030, in addition to various projects that PECSA is involved in.
PECSA Signed MOU with KORAIL - 14 April 2016
National Pension Service Signed MOU with POSCO E&C Saudi Arabia - 22th of December 2015
South Korea’s state pension service, National Pension Service (NPS), signed an MOU on joint infrastructure investment in the capital city of Riyadh on Tuesday, 22th of December 2015, with PIF and POSCO E&C Saudi Arabia. The signing ceremony was attended by YOO Sang-hyun, head of NPS infrastructure alternatives investment team and CHOI Myungju, CEO of POSCO E&C Saudi Arabia.
National Pension Service (NPS) will participate in an investment opportunity worth more than 110 trillion won in construction of major infrastructure projects involving hotels, new city projects, railroads and plants led by the Saudi government. As NPS is in position to expand its alternatives investment across the Middle East, its infrastructure investment there is expected to reach mega trillion won within three to four years.
Opening Ceremony of Joint Venture Company between POSCO E&C and PIF - December 21, 2015
‘Declared its vision to be a Top 5 Construction Company in GCC by 2025’
As of 21st of December 2015 in Riyadh, a ceremony was held to celebrate the opening of POSCO E&C Saudi Arabia (PECSA), an Engineering & Construction company invested by Public Investment Fund of Saudi Arabia and POSCO E&C. The ratio of shares will be six to four, respectively.
Nearly 50 guests including Mr. Abdulrahman Al Mofadhi, Secretary General of PIF, Pyung Ho Kwon, the Korean ambassador in Saudi Arabia, Mr. Tae Hyun Hwang, CEO of POSCO E&C, Mr. Myung Ju Choi, CEO of POSCO E&C Saudi Arabia, Mr. Chan Geon Han, vice president of Daewoo International were attended to celebrate opening of POSCO E&C Saudi Arabia.
POSCO E&C Saudi Arabia plans to become the GCC* 5th largest construction company by undertaking the projects from PIF with the know-how and the state-of-the-art technology of POSCO E&C.
* GCC : Gulf Cooperation Council
The joint company will take part in major construction projects, such as hotels, new cities, and railroad infrastructure ordered by the Saudi Arabian government. Moreover, it will expand cooperation areas into power and plant businesses.
It is a win-win partnership in which POSCO E&C can creates a stable profit model in the Middle East and Saudi Arabia can learn Korea’s rapid-growth model as well as benefiting transfer of POSCO E&C’s construction technology.