Ssangyong E&C acquired by Dubai wealth fund

After eight years and eight attempts to find a new owner, Ssangyong Engineering and Construction was finally acquired by the Investment Corporation of Dubai (ICD).

According to Korea’s 19th-largest builder, which is currently under court protection, the Seoul Central District Court on Wednesday approved ICD’s investment plan and the contract was signed Thursday. However, the details of the contract, including the price, were not disclosed.

ICD, a sovereign wealth fund owned by the government of Dubai in the United Arab Emirates, was selected as the preferred bidder for Ssangyong E&C on Dec. 18 and has been conducting due diligence from Jan. 5 to 26 to purchase the builder, which is best known for building the landmark resort hotel Marina Bay Sands in Singapore.

Originally, there was speculation that the contract would be signed next month. An earlier signing suggests that ICD has great expectations for Ssangyong E&C.

“The reason why ICD acquired Ssangyong E&C is that its investments, which previously focused on the United States and Europe, have now expanded to Asia,” said an industry insider who asked not to be named. “As it is interested in playing a role in big developments in the region, it needed a builder like Ssangyong E&C, which is known for having high skills and technology in construction.”

ICD, which owns Emirates NBD, one of the largest banking groups in the Middle East, and state-run companies such as the Emirates airline and Emirates National Oil Company, has been conducting various construction projects through its real estate development firm Emaar Properties, which is known as the owner of the world’s tallest building, the Burj Khalifa.

With Ssangyong E&C getting a new owner, employees are hoping for a brighter future for the company. The company said that it expects to participate in construction projects related to ICD and the 2020 Dubai Expo. Ssangyong expects the court receivership to end around March or April.

kjoo@joongang.co.kr [BY JOO KYUNG-DON ]