Ssangyong Signs MOU With Wasl Group
The South Korean builder and Dubai developer will pursue a 3.6 trillion won project over three years.
Updated on Nov. 5, 2026 in Construction
Ssangyong Engineering & Construction signed a memorandum of understanding with Dubai developer Wasl Group, covering a development project worth 3.6 trillion Korean won (10 billion dirhams) to be pursued over the next three years. The MOU was announced on November 5, 2026.
Why it matters
The agreement builds on a history of prior work, as Ssangyong has completed projects worth over 1 trillion Korean won for Wasl Group since 2017. The two companies also plan to expand their partnership beyond hotels and high-end residential projects into complex developments.
The 3.6 trillion won project compares with over 1 trillion won in Ssangyong's completed Wasl Group work since 2017 and about 1.4 trillion won across six current Dubai projects. Details on the project's specific location, scope and binding terms have not been disclosed.
The players
Ssangyong Engineering & Construction
A South Korean construction company and subsidiary of Global Sae-A Group that currently undertakes six projects in Dubai.
Wasl Group
A Dubai real estate developer established by Dubai Real Estate Corporation that owns and operates over 70,000 residential and commercial spaces.
Global Sae-A Group
The South Korean parent group of Ssangyong Engineering & Construction, whose chairman attended the signing.
The details
Kim Woong-ki, Chairman of Global Sae-A Group, attended the signing ceremony and discussed long-term blueprints with Hesham Al Qassim, CEO of Wasl Group. Ssangyong is a subsidiary of Global Sae-A Group and recently signed a 3 trillion won hospital project MOU in Singapore.
Timeline
2017: Ssangyong began completing major projects for Wasl Group.
September 2026: Ssangyong won the Tuas Integrated Hospital bid in Singapore.
November 5, 2026: Ssangyong announced the MOU with Wasl Group.
Over the next three years: the Dubai development project is to be pursued.
Market Landscape
The deal extends a pattern of South Korean contractors winning large Gulf and Southeast Asian projects, following Ssangyong's Singapore hospital award. It also shows how repeat clients in Dubai are increasingly expanding contracts into more complex developments.
For the public, the agreement signals continued construction activity in Dubai over the next three years, which may affect the supply of new residential and commercial spaces. The source does not describe direct effects on consumer prices or availability.
The takeaway
Large cross-border construction deals often build on prior trust and delivery records, as this MOU does with Ssangyong's history for Wasl Group. Readers tracking the sector can watch whether the three-year project moves forward into a formal contract.
Further reading
Explore more construction industry coverage for background on large overseas contracts.
