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Korean Builders See Boon from Arab Spring  

2011-05-28 08:29:12|  分类: 经济 |  标签: |举报 |字号 订阅

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Korean builders are benefiting from the pro-democracy movements in the Middle East and North Africa.

According to the International Contractors Association of Korea on Thursday, Korean construction firms have clinched a combined 24 deals from Saudi Arabia this year as of Wednesday, accounting for $9.03 billion or 48 percent of $18.7 billion in total overseas orders. The figure is more than five-fold the record $1.58 billion they won in the Middle East country over the same period last year.

The industry attributes the rise largely to the so-called Arab Spring. The political unrest in the region pushed up international oil prices, which became a boon for Saudi Arabia. In a bid to prevent protests inside its own borders, the country has been launching construction projects to appease its people.

The Arab Spring will likely further boost the construction industry. As one of the reasons behind the movements is high unemployment rates, other Middle East countries are forecast to come up with similar pump-priming measures.

But some experts think the effects will be limited. A spokesperson for the association said that most of this year's orders from Saudi Arabia were placed in the second half of last year, so it is hard to link them to the democratic movements, which started this year.

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