Korea's Ssangyong signs Dh10 billion Dubai MOU with Wasl
Ssangyong Engineering and Construction signed an MOU with Dubai developer Wasl for projects worth 3.6 trillion won, or Dh10 billion, over three years.
South Korea's Ssangyong Engineering and Construction signed a memorandum of understanding with UAE property developer Wasl Group to develop projects in Dubai.
The projects covered by the MOU are valued at about 3.6 trillion Korean won, equivalent to $2.7 billion or Dh10 billion, over three years.
The partnership expands the two sides' activity from hotels and high-end housing into mixed-use development, according to the companies' announcement.
Wasl Group manages more than 70,000 residential and commercial units in Dubai, providing a broad asset base for the new cooperation.
What do these terms mean?
Memorandum of understanding: A preliminary, non-binding agreement setting out two parties' intention to cooperate on a project or deal.
Korean won: The official currency of South Korea, used to price deals there.
Mixed-use development: A project combining housing, offices, retail and facilities in one site.
Asset portfolio: The total properties and projects a company manages or owns.
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